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Anti-Money Laundering and Countering Financing of Terrorism Act 2009

AML/CFT requirements and compliance - Record keeping

54: Destruction of records

You could also call this:

"Get rid of old records when you don't need them anymore"

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

You must destroy records as soon as possible after you no longer need them. You keep records for a certain period, then you must get rid of them. If there is a good reason to keep a record, you do not have to destroy it. You do not have to destroy a record if you need it to follow other laws. You can also keep a record if you need it to run your business. If a record helps with detecting, investigating, or prosecuting a crime, you can keep it. You can compare this to s 34 for more information.

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53: When records need not be kept, or

"When you don't have to keep records, like if your company is closed down."

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Part 2AML/CFT requirements and compliance
Record keeping

54Destruction of records

  1. Subject to subsection (2), a reporting entity must take all practicable steps to ensure that every record retained by that reporting entity under this subpart, and every copy of that record, is destroyed as soon as practicable after the expiry of the period for which the reporting entity is required to retain that record.

  2. Nothing in this section requires the destruction of any record, or any copy of any record, in any case where there is a lawful reason for retaining that record.

  3. Without limiting subsection (2), there is a lawful reason for retaining a record if the retention of that record is necessary—

  4. in order to comply with the requirements of any other enactment; or
    1. to enable a reporting entity to carry on its business; or
      1. for the purposes of the detection, investigation, or prosecution of any offence.

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