Revised draft AML/CTF Rules relating to section 112 have been released for a further period of public consultation.

The new version requires that customer identification records must be kept by a reporting entity in a form that will allow the reporting entity, when required, to provide the record to an AUSTRAC authorised officer within a reasonable time, and allow the reporting entity to demonstrate that the reporting entity has complied with subsection 112(2) of the AML/CTF Act.

The records will only be required if they are relevant to the applicable customer identification procedure and information obtained in the course of carrying out the applicable customer identification procedure.

A public consultation period is open from 17 April to 14 May 2012.