Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024
114BRetention of records made or obtained under the repealed Financial Transaction Reports Act 1988
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114B Retention of records made or obtained under the repealed Financial Transaction Reports Act 1988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.
Designated business groups
(4) If:
(a) a reporting entity is a member of a designated business group; and
(b) such other conditions (if any) as are specified in the AML/CTF Rules are satisfied;
the obligation imposed on the reporting entity by subsection (2) may be discharged by any other member of the group.
9 Paragraph 121(2)(a)
10 Subsection 123(10)
11 At the end of subparagraph 124(1)(a)(i)
Add “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
12 Subparagraph 124(1)(a)(iv)
Omit “section 41; and”, substitute “section 41 of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988;”.
13 At the end of paragraph 124(1)(a)
Add:
(v) information given under subsection 16(4) of the repealed Financial Transaction Reports Act 1988; and
14 Subparagraph 124(1)(b)(i)
After “subsection 41(2)”, insert “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
15 Subparagraph 124(1)(b)(ii)
After “subsection 41(2)”, insert “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
16 Subparagraph 124(1)(b)(iii)
After “subsection 41(2)”, insert “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
17 Subparagraph 124(1)(b)(iv)
After “section 41”, insert “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
18 At the end of subparagraph 124(1)(b)(v)
Add “of this Act or subsection 16(1) or (1A) of the repealed Financial Transaction Reports Act 1988”.
19 Paragraph 124(2)(b)
20 Paragraph 126(3A)(c)
21 Section 134