ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 116 Records about anti - money laundering and counter - terrorism financing programs

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 116

Scope

  (1)   This section applies to a reporting entity if the reporting entity adopts an anti - money laundering and counter - terrorism financing program that applies to the reporting entity.

Record of adoption

  (2)   The reporting entity must:

  (a)   make a record of the adoption; and

  (b)   retain the record, or a copy of the record, throughout the period:

  (i)   beginning at the completion of the preparation of the record; and

  (ii)   ending 7 years after the day on which the adoption ceases to be in force.

Retention of program etc.

  (3)   The reporting entity must retain the program, or a copy of the program, throughout the period:

  (a)   beginning at the time of the adoption; and

  (b)   ending 7 years after the day on which the adoption ceases to be in force.

  (4)   If the program is varied while the adoption is in force, the reporting entity must retain the variation, or a copy of the variation, throughout the period:

  (a)   beginning at the time of the variation; and

  (b)   ending 7 years after the day on which the adoption ceases to be in force.

Civil penalty

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

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