35ERetention of verification information—credit reporting bodies

35E Retention of verification information—credit reporting bodies

(1) A credit reporting body that receives a verification request in relation to an individual must retain the following information for 7 years after the request was received: (a) the name of the reporting entity that made the request; (b) the date on which the request was made; (c) the personal information about the individual that was provided by the reporting entity to the credit reporting body; (d) the date on which the credit reporting body provided an assessment (if any) in relation to the individual; (e) such other information about the verification request as is specified in the AML/CTF Rules. (2) A credit reporting body that retains information under subsection (1) must delete the information at the end of the 7 year period referred to in that subsection. Civil penalty (3) Subsections (1) and (2) are civil penalty provisions.