Transaction records to be retained
107 Transaction records to be retained
Retention of records
If a reporting entity commences to provide, or provides, a designated service to a customer, the reporting entity must retain sufficient records to allow the reconstruction of individual transactions relating to the provision of the designated service to the customer.
A record under subsection (1) must comply with any requirements specified by the AML/CTF Rules.
Period for which records must be retained
A person who is or was a reporting entity must retain a record referred to in subsection (1) for a period of 7 years beginning on the day the record is made.
Civil penalty
Subsections (1) and (3) are civil penalty provisions.
AML/CTF Rules
The AML/CTF Rules may specify kinds of records to which this section does not apply.
11 After Part 17A
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