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

9   Section 114

Repeal the section, substitute:

114 Retention of information if identification procedures taken to have been carried out by a reporting entity

(1) If:

(a) a person (the first person ) carries out a procedure (the initial procedure ) mentioned in paragraph 37A(1)(a) or 38(b); and

(b) under section 37A or 38 and in connection with the initial procedure, Part 2 has effect as if a reporting entity had carried out an applicable customer identification procedure in respect of a customer; and

(c) the first person makes a record of the initial procedure and gives a copy of the record to the reporting entity;

the reporting entity must retain the copy until the end of the first 7-year period:

(d) that began at a time after Part 2 had that effect; and

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

Civil penalty

(2) Subsection (1) is a civil penalty provision.

114A Retention of records of assessments of agreements or arrangements covered by section 37A

(1) If a reporting entity prepares a record under paragraph 37B(1)(c), the reporting entity must retain the record, or a copy of the record, for 7 years after the completion of the preparation of the record.

Civil penalty

(2) Subsection (1) is a civil penalty provision.