All reporting entities must keep records to comply with their AML/CTF obligations. Record-keeping involves creating full and accurate records and storing and managing them.
Motor vehicle dealers (who are insurers or who act as insurance intermediaries) and solicitors also have record-keeping obligations to comply with the Financial Transactions Reports Act 1988.
The records you must keep and how long you need to retain them depends on the type of designated services you provide, and the nature of your business activities.
Generally you will have to keep records of or about:
- customer identification procedures
- your AML/CTF program.
There are additional record-keeping requirements for remittance service providers and digital currency exchange providers.
You must store these records securely, in a format that allows them to be retrieved and audited. They can be:
- hard copy or electronic
- stored at your premises or offsite.
Keeping records helps you comply with the law and shows AUSTRAC that you are fulfilling your AML/CTF obligations. It also helps you manage the risks of your business or organisation being exploited for money laundering or terrorism financing. If your business or organisation is misused for criminal purposes, your records may help us and other authorities investigate.
The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.