Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Act 2020 (133 of 2020)

Schedule 1   Amendments

Part 1   Identification procedures

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

7   Section 104

Omit:

• A reporting entity must retain a record of an applicable customer identification procedure for 7 years after the end of the reporting entity's relationship with the relevant customer.

substitute:

• A reporting entity must retain records relating to:

(a) applicable customer identification procedures it carries out or that it is taken to have carried out; and

(b) assessments it carries out of agreements or arrangements it has entered into relating to its reliance on applicable customer identification procedures, or other procedures, carried out by another person.