Document ID: chunk:federal_register_of_legislation:C2020A00133:clause:1_114
Version: federal_register_of_legislation:C2020A00133
Segment Type: clause
Provision Reference: sch 1 cl 114
Character Range: 11439–12341

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.