Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 35F

  (1)   A reporting entity that makes a verification request in relation to an individual must make a record of the following;

  (a)   the name of the credit reporting body to which the request was made;

  (b)   the personal information about the individual that was provided by the reporting entity to the credit reporting body;

  (c)   the assessment (if any) provided by the credit reporting body in relation to the individual;

  (d)   such other information about the verification request as is specified in the AML/CTF Rules.

  (2)   The reporting entity must retain the record, or a copy of the record, until the end of the first 7 year period:

  (a)   that began at a time after the verification request was made; and

  (b)   throughout the whole of which the reporting entity did not provide any designated services to the individual.

  (3)   A reporting entity that retains a record, or a copy of a record, under subsection   (2) must delete the record at the end of the 7 year period referred to in that subsection.

Civil penalty

  (4)   Subsections   (1), (2) and (3) are civil penalty provisions.

Designated business groups

  (5)   If:

  (a)   a reporting entity is part of a designated business group; and

  (b)   such other conditions as are specified in the AML/CTF Rules are satisfied;

the obligation imposed on the reporting entity by subsection   (2) or (3) may be discharged by any other member of the group.