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

Schedule 11   Repeal of the Financial Transaction Reports Act 1988

Part 2   Consequential amendments

Division 1   Amendment of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

8   At the end of Division 3 of Part 10

Add:

114B Retention of records made or obtained under the repealed Financial Transaction Reports Act 1988

(1) This section applies to a reporting entity if, immediately before this section commences, the reporting entity is retaining a record or a copy of a record, for the purposes of Part III of the Financial Transaction Reports Act 1988, in relation to a customer to whom the reporting entity has provided, or is providing, a designated service.

(2) The reporting entity must continue to retain the record, or a copy of the record, until the end of the first 7-year period throughout the whole of which the reporting entity did not provide any designated services to the customer.

Civil penalty

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

Designated business groups

(4) If:

(a) a reporting entity is a member of a designated business group; and

(b) such other conditions (if any) as are specified in the AML/CTF Rules are satisfied;

the obligation imposed on the reporting entity by subsection (2) may be discharged by any other member of the group.