Section 114 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 deals with record-keeping requirements where customer identification procedures have been carried out by one reporting entity on behalf of another.

Under draft AML/CTF Rules issued by Austrac subsections 114(2), 114(3) and 114(5) of that Act do not apply to a designated service which is, or is to be, provided in circumstances described in paragraphs 114(1)(a), 114(1)(b) and 114(1)(c), if the second reporting entity has access to records of identification procedures made by the first reporting entity in accordance with subsection 112(2), under an agreement between the first reporting entity and the second reporting entity for the management of such records.

A public consultation period is currently open from 24 September 2007 to 8 October 2007.