114Retention of information if initial customer due diligence taken to have been carried out by a reporting entity

114 Retention of information if initial customer due diligence taken to have been carried out by a reporting entity

(1) If: (a) a person (the first person) carries out a procedure (the initial procedure) mentioned in paragraph 37A(1)(a) or 38(b); and (b) under section 37A or 38 and in connection with the initial procedure, Part 2 has effect as if a reporting entity had complied with paragraph 28(3)(c) or (d) in respect of a customer; and (c) the first person makes a record of the initial procedure and gives a copy of the record to the reporting entity; the reporting entity must retain the copy until the end of the first 7‑year period: (d) that began at a time after Part 2 had that effect; and (e) throughout the whole of which the reporting entity did not provide any designated services to the customer. Civil penalty (2) Subsection (1) is a civil penalty provision.