ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 112 Making of records of identification procedures
ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 112
Making of records of identification procedures(1) This section applies to a reporting entity if the reporting entity carries out an applicable customer identification procedure in respect of a particular customer to whom the reporting entity provided, or proposed to provide, a designated service.
(2) The reporting entity must make a record of:
(b) information obtained in the course of carrying out the procedure; and
(c) such other information (if any) about the procedure as is specified in the AML/CTF Rules.
(3) A record under subsection (2) must comply with such requirements (if any) as are specified in the AML/CTF Rules.
Civil penalty
(4) Subsection (2) is a civil penalty provision.
(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 (2) may be
discharged by any other member of the group.