Document ID: chunk:federal_register_of_legislation:C2025C00044:section:113
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 113
Character Range: 315174–316427

113  Retention of records of identification procedures

Scope
 (1) This section applies to a reporting entity if:
 (a) the reporting entity carried out an applicable customer identification procedure in respect of a particular customer to whom the reporting entity provided, or proposed to provide, a designated service; and
 (b) the reporting entity made a record of:
 (i) the procedure; or
 (ii) information obtained in the course of carrying out the procedure; or
 (iii) such other information (if any) about the procedure as is specified in the AML/CTF Rules.

Retention
 (2) The reporting entity must retain the record, or a copy of the record, until the end of the first 7‑year period:
 (a) that began at a time after the procedure was carried out; and
 (b) 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.