Austrac has released 2 proposed changes to record-keeping requirements for consultation:

• Draft Modification of section 107 of the AML/CTF Act :This draft AML/CTF Instrument modifies the record-keeping obligations under section 107 of the AML/CTF Act, which specifies that if a reporting entity makes a record of information relating to the provision of a designated service, that record of information must be retained for seven years after the making of the record. This includes closed circuit television footage relating to the provision of a designated service. The Instrument modifies section 107 to reduce the record-keeping requirement from 7 years to 1 year for such footage.
• Draft amendments to Chapter 29 of the AML/CTF Rules: These draft AML/CTF Rules amend Chapter 29 which relates to record-keeping obligations under section 107 of the AML/CTF Act. They exempt electronic files from the record-keeping obligation, if they are created by a reporting entity solely for the purpose of submitting an electronic report to AUSTRAC, as such files duplicate information already held by the reporting entity.

The public consultation period ends on 23 April 2012.