Anti-Money Laundering and Anti-Terrorism Financing (Amendment) Act 2014 · s 17

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17.
Amendment of section 17
Section 17 of the principal Act is amended—
(a)	 by substituting for subsection (1) the following subsection:

“(1)  Notwithstanding any provision of any written law pertaining to the retention of documents, a reporting institution shall maintain any account, record, business correspondence and document relating to an account, business relationship, transaction or activity with a customer or any person as well as the results of any analysis undertaken, as the case may be, for a period of at least six years from the date the account is closed or the business relationship, transaction or activity is completed or terminated.”;
(b)	 in subsection (2)—
(i)	 by inserting after the word “specify” the words
“under section 14”;
(ii)	 by substituting for the words “not less than” the words “at least”; and
(iii)	 in the English language text, by substituting for the words “has been” the word “is”;
(c)	 in subsection (3), by substituting for the word “record”
the words “account, record, business correspondence and document”; and
(d)	 in subsection (4)—
(i)	 by substituting for the words “one million” the words “three million”; and
(ii)	 by substituting for the words “one year” the words
“five years”.

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s 17Amendment of section 17

Section 17 of the principal Act is amended—

(a)

by substituting for subsection (1) the following subsection:

(b)

in subsection (2)—

(i)

by inserting after the word “specify” the words

“under section 14”;

(ii)

by substituting for the words “not less than” the words “at least”; and

(iii)

in the English language text, by substituting for the words “has been” the word “is”;

(c)

in subsection (3), by substituting for the word “record”

the words “account, record, business correspondence and document”; and

(d)

in subsection (4)—

(i)

by substituting for the words “one million” the words “three million”; and

(ii)

by substituting for the words “one year” the words

“five years”.