Document ID: chunk:federal_register_of_legislation:C2025C00044:section:107
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 107
Character Range: 308513–309391

107  Transaction records to be retained

Scope
 (1) This section applies if:
 (a) a reporting entity makes a record of information relating to the provision of a designated service to a customer; and
 (b) the record is not declared by the AML/CTF Rules to be exempt from this section.

Retention
 (2) The reporting entity must retain:
 (a) the record; or
 (b) a copy of the record; or
 (c) an extract from the record showing the prescribed information;
for 7 years after the making of the record.

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.