ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 106 Records of designated services

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 106

  (1)   The AML/CTF Rules may provide that, if a reporting entity commences to provide, or provides, a specified kind of designated service to a customer, the reporting entity must make a record of information relating to the provision of the service.

  (2)   The AML/CTF Rules may provide that, if a reporting entity commences to provide, or provides, a designated service to a customer in circumstances specified in the AML/CTF Rules, the reporting entity must make a record of information relating to the provision of the service.

  (3)   A record under subsection   (1) or (2) must comply with such requirements (if any) as are specified in the AML/CTF Rules.

  (4)   A reporting entity must comply with AML/CTF Rules made for the purposes of this section.

Civil penalty

  (5)   Subsection   (4) is a civil penalty provision.

Designated business groups

  (6)   If:

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

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

the obligation imposed on the reporting entity by subsection   (4) may be discharged by any other member of the group.