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

Schedule 1   AML/CTF programs and business groups

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

35   Division 5 of Part 10

Repeal the Division, substitute:

Division 5 - AML/CTF program record-keeping requirements

116 Retention of records relating to Part 1A

(1) A reporting entity must keep records that:

(a) are reasonably necessary to demonstrate compliance with the reporting entity's obligations under Part 1A; and

(b) are in the English language, or in a form in which the records are readily accessible and readily convertible into writing in the English language.

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

(3) A person who is or was a reporting entity must retain the records referred to in subsection (1) throughout the period:

(a) beginning at the time the record was made; and

(b) ending 7 years after the record is no longer relevant to the reporting entity's compliance with its obligations under Part 1A.

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