How long is customer data stored?
Seven years after the end of the customer relationship or the transaction date, whichever is later, per AUSTRAC's record-keeping requirements.
Retained for 7 years after the end of the customer relationship (or 7 years after the date of the transaction, whichever is later), per AUSTRAC's record-keeping requirements in s107 of the AML/CTF Act and the AML/CTF Rules.
What "the end of the customer relationship" means in practice:
- For a one-off transaction (e.g. real estate sale where the buyer is a one-time customer) - the 7 years runs from the transaction completion date.
- For an ongoing customer relationship (e.g. an accounting firm with a long-term client) - the 7 years runs from the date the relationship formally ends.
- For dormant customers - the 7 years typically runs from the last transaction or the explicit relationship-end date, whichever is later.
easyAML stores the retention data securely in AWS Cloud Australia with encryption at rest and in transit. Customers cancelling their easyAML subscription don't lose access to their retention records - read-only access continues for the full 7-year period at no charge (see Section 15). AUSTRAC source: Record-keeping obligations.
For the customer-facing summary of record-keeping obligations, see HubSpot KB: https://knowledge.easyaml.com/how-long-do-i-need-to-keep-records-for