New anti-money
laundering and counter-terrorism financing rules have been made to
update the record keeping obligations of reporting entities.

The
Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment
Instrument 2008 (No. 1) set out the conditions under which a
reporting entity may rely on the record of an applicable customer
identification procedure (ACIP) carried out by another reporting entity.

The Explanatory Statement explains that:

"These
AML/CTF Rules allow the second reporting entity to rely on the record
of the ACIP which has been carried out by the first reporting entity,
provided that the second reporting entity has access to that record in
accordance with an agreement which is in place between the two
reporting entities for the management of records. However, the second
reporting entity may only rely on this agreement if it has first
assessed that it is appropriate to rely on the first reporting entity’s
ACIP having regard to the money laundering/terrorism financing risk
relevant to the designated service which the second reporting entity is
providing. That is, if the first reporting entity’s risk is different
to the second reporting entity’s, it may not be appropriate to rely on
the first reporting entity’s ACIP."