Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 113

Scope

             (1)  This section applies to a reporting entity if:

                     (a)  the reporting entity carried 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; and

                     (b)  the reporting entity made a record of:

                              (i)  the procedure; or

                             (ii)  information obtained in the course of carrying out the procedure; or

                            (iii)  such other information (if any) about the procedure as is specified in the AML/CTF Rules.

Retention

             (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 procedure was carried out; and

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

Civil penalty

             (3)  Subsection (2) is a civil penalty provision.

Designated business groups

             (4)  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 (2) may be discharged by any other member of the group.