Document ID: chunk:federal_register_of_legislation:C2025C00044:section:108
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 108
Character Range: 309391–310295

108  Customer‑provided transaction documents to be retained

Scope
 (1) This section applies if:
 (a) a document relating to the provision, or prospective provision, of a designated service by a reporting entity is given to the reporting entity by or on behalf of the customer concerned; and
 (b) the reporting entity commences, or has commenced, to provide the service to the customer.
 (2) The reporting entity must retain:
 (a) the document; or
 (b) a copy of the document;
for 7 years after the giving of the document.

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.