Document ID: chunk:federal_register_of_legislation:C2025C00044:section:112
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 112
Character Range: 314111–315174

112  Making of records of identification procedures

Scope
 (1) This section applies to a reporting entity if the reporting entity carries 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.

Records
 (2) The reporting entity must make a record of:
 (a) the procedure; and
 (b) information obtained in the course of carrying out the procedure; and
 (c) such other information (if any) about the procedure as is specified in the AML/CTF Rules.
 (3) A record under subsection (2) must comply with such requirements (if any) as are specified in the AML/CTF Rules.

Civil penalty
 (4) Subsection (2) is a civil penalty provision.

Designated business groups
 (5) 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.