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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Record keeping

49: Obligation to keep transaction records

You could also call this:

"Reporting entities must keep detailed records of transactions, like a receipt, for at least 5 years."

Illustration for Anti-Money Laundering and Countering Financing of Terrorism Act 2009

When you do a transaction through a reporting entity, they must keep records. These records must be detailed enough to recreate the transaction at any time. You can think of it like keeping a receipt for something you bought. The records must include things like what the transaction was for, how much it was, and when it happened. They must also include who was involved in the transaction and how it was done. If someone from the reporting entity dealt with you in person, their name must be recorded if they suspected something unusual about the transaction, as described in section 39A. The reporting entity must keep these records for at least 5 years after the transaction is finished. They might need to keep them for longer if someone in charge tells them to.

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Part 2AML/CFT requirements and compliance
Record keeping

49Obligation to keep transaction records

  1. In relation to every transaction that is conducted through a reporting entity, the reporting entity must keep those records that are reasonably necessary to enable that transaction to be readily reconstructed at any time.

  2. Without limiting subsection (1), records must contain the following information:

  3. the nature of the transaction:
    1. the amount of the transaction and the currency in which it was denominated:
      1. the date on which the transaction was conducted:
        1. the parties to the transaction:
          1. if applicable, the facility through which the transaction was conducted, and any other facilities (whether or not provided by the reporting entity) directly involved in the transaction:
            1. the name of the officer or employee or agent of the reporting entity who handled the transaction, if that officer, employee, or agent—
              1. has face-to-face dealings in respect of the transaction with any of the parties to the transaction; and
                1. has formed a suspicion (of the kind referred to in paragraph (b) of the definition of suspicious activity in section 39A) about the transaction:
                2. any other information prescribed by regulations.

                  1. A reporting entity must retain the records kept by that reporting entity, in accordance with this section, in relation to a transaction for—

                  2. a period of at least 5 years after the completion of that transaction; or
                    1. any longer period that the AML/CFT supervisor for the reporting entity, or the Commissioner, specifies.

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                      Notes
                      • Section 49(2)(f)(ii): amended, on , by section 12 of the Statutes Amendment Act 2022 (2022 No 75).