International Law

Austrac has released draft AML/CTF Rules for record-keeping obligations under s107 of the AML/CTF

Act for consultation until 14 November 2008.

Section 107 of the AML/CTF Act states that if reporting entities make a record of information relating to the provision of a designated service to a customer, that record of information must be retained for seven years after the making of the record. Section 107 also allows certain records to be declared exempt from this requirement by the AML/CTF Rules.

These draft AML/CTF Rules declare certain records generated by the reporting entity, including general correspondence and disclosure documents, as being exempt from the record-keeping requirement in section 107.