Document ID: chunk:federal_register_of_legislation:C2025C00044:section:106
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 106
Character Range: 307349–308513

106  Records of designated services
 (1) The AML/CTF Rules may provide that, if a reporting entity commences to provide, or provides, a specified kind of designated service to a customer, the reporting entity must make a record of information relating to the provision of the service.
 (2) The AML/CTF Rules may provide that, if a reporting entity commences to provide, or provides, a designated service to a customer in circumstances specified in the AML/CTF Rules, the reporting entity must make a record of information relating to the provision of the service.
 (3) A record under subsection (1) or (2) must comply with such requirements (if any) as are specified in the AML/CTF Rules.
 (4) A reporting entity must comply with AML/CTF Rules made for the purposes of this section.

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

Designated business groups
 (6) 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 (4) may be discharged by any other member of the group.