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.
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