114BRetention of records made or obtained under the repealed Financial Transaction Reports Act 1988

#### 114B Retention of records made or obtained under the [Repealed] Financial Transaction Reports Act 1988 (1) This section applies to a reporting entity if, immediately before this section commences, the reporting entity is retaining a record or a copy of a record, for the purposes of Part III of the Financial Transaction Reports Act 1988, in relation to a customer to whom the reporting entity has provided, or is providing, a designated service. (2) The reporting entity must continue to retain the record, or a copy of the record, until the end of the first 7‑year period throughout the whole of which the reporting entity did not provide any designated services to the customer. Civil penalty (3) Subsection (2) is a civil penalty provision.