ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 115 Retention of records about electronic funds transfer instructions

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 115

Scope

  (1)   This section applies if:

  (a)   section   64 applies to:

  (i)   a multiple - institution person - to - person electronic funds transfer instruction; or

  (ii)   a multiple - institution same - person electronic funds transfer instruction; and

  (b)   a person is in the funds transfer chain; and

  (c)   the person is an interposed person and the transfer instruction is to be passed on by the person at or through a permanent establishment of the person in Australia; and

  (d)   the making available by the beneficiary institution of the transferred money would take place at or through a permanent establishment of the beneficiary institution in Australia; and

  (e)   some or all of the required transfer information was passed on to the person by another person in the funds transfer chain; and

  (f)   the transfer instruction was accepted by the ordering institution at or through a permanent establishment of the ordering institution in a foreign country; and

  (g)   the transfer instruction was passed on to the person by a permanent establishment of the ordering institution, or of another person, in a foreign country.

Keeping and retention of records

  (2)   The person must:

  (a)   make a record of so much of the required transfer information as was passed on to the person as mentioned in paragraph   (1)(e); and

  (b)   retain that record, or a copy of the record, for 7 years after the transfer instruction was passed on to the person.

Civil penalty

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