Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:10_107
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 10 cl 107
Character Range: 223341–224164

107  Transaction records to be retained

Retention of records
 (1) If a reporting entity commences to provide, or provides, a designated service to a customer, the reporting entity must retain sufficient records to allow the reconstruction of individual transactions relating to the provision of the designated service to the customer.
 (2) A record under subsection (1) must comply with any requirements specified by the AML/CTF Rules.

Period for which records must be retained
 (3) A person who is or was a reporting entity must retain a record referred to in subsection (1) for a period of 7 years beginning on the day the record is made.

Civil penalty
 (4) Subsections (1) and (3) are civil penalty provisions.

AML/CTF Rules
 (5) The AML/CTF Rules may specify kinds of records to which this section does not apply.