Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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50 Obligation to keep identity and verification records

(1)

In respect of each case in which a reporting entity is required, under subpart 1 of this Part, to identify and verify the identity of a person, the reporting entity must keep those records that are reasonably necessary to enable the nature of the evidence used for the purposes of that identification and verification to be readily identified at any time.

(2)

Without limiting subsection (1), those records may comprise—

(a)

a copy of the evidence so used; or

(b)

if it is not practicable to retain that evidence, any information as is reasonably necessary to enable that evidence to be obtained.

(3)

A reporting entity must retain the records kept by that reporting entity for,—

(a)

in the case of records relating to the identity and verification of the identity of a person in relation to establishing a business relationship, a period of at least 5 years after the end of that business relationship; or

(b)

in the case of records relating to the identity and verification of the identity of a person in relation to conducting an occasional transaction or activity, a period of at least 5 years after the completion of that occasional transaction or activity; or

(c)

in the case of records relating to the identity and verification of the identity of an originator in relation to a wire transfer,—

(i)

if the wire transfer is conducted by a customer with whom the reporting entity has a business relationship, a period of at least 5 years after the end of that business relationship; or

(ii)

if the wire transfer is an occasional transaction or activity, a period of at least 5 years after the completion of the wire transfer.

Compare: 1996 No 9 s 30

Section 50(3)(b): amended, on 11 August 2017, by section 68 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 50(3)(c)(ii): amended, on 11 August 2017, by section 68 of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).