107Transaction records to be retained

#### 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.