Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)

Schedule 10   Exemptions

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

10   Section 107

Repeal the section, substitute:

107 Transaction records to be retained

Retention of records

(1) If a reporting entity commences to provide, or provides, a designated service to a customer, the reporting entity must retain sufficient records to allow the reconstruction of individual transactions relating to the provision of the designated service to the customer.

(2) A record under subsection (1) must comply with any requirements specified by the AML/CTF Rules.

Period for which records must be retained

(3) A person who is or was a reporting entity must retain a record referred to in subsection (1) for a period of 7 years beginning on the day the record is made.

Civil penalty

(4) Subsections (1) and (3) are civil penalty provisions.

AML/CTF Rules

(5) The AML/CTF Rules may specify kinds of records to which this section does not apply.