Anti-Money Laundering and Countering Financing of Terrorism Act 2009

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51 Obligation to keep other records

(1)

A reporting entity must keep the following records in addition to the records referred to in sections 49 and 50:

(a)

records that are relevant to the establishment of the business relationship; and

(b)

records relating to risk assessments, AML/CFT programmes, and audits; and

(c)

any other records (for example, account files, business correspondence, and written findings) relating to, and obtained during the course of, a business relationship that are reasonably necessary to establish the nature and purpose of, and activities relating to, the business relationship; and

(d)

any other records prescribed by regulations made under section 153.

(2)

The records relating to risk assessment, AML/CFT programmes, and audits must be kept for a period of at least 5 years after the date on which they ceased to be used on a regular basis.

(3)

A reporting entity must make records relating to risk assessments, AML/CFT programmes, and audits available to its AML/CFT supervisor on request.

Compare: 1996 No 9 s 31

Section 51(1)(c): amended, on 11 August 2017, by section 27(1) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 51(1)(d): inserted, on 11 August 2017, by section 27(2) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).

Section 51(2): replaced, on 11 August 2017, by section 27(3) of the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017 (2017 No 35).