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Anti-Money Laundering and Counter-Terrorism Financing Act 2006
117Retention of records about correspondent banking relationships
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117 Retention of records about correspondent banking relationships
Scope (1) This section applies to a financial institution if the financial institution prepared a record under section 96. Retention (2) The financial institution must retain the record, or a copy of the record, for 7 years after the completion of the preparation of the record. Civil penalty (3) Subsection (2) is a civil penalty provision.