--- title: How long do I need to keep records for? description: The record types you must retain, and the set periods AML/CTF regulations require for each. --- [Skip to content](https://knowledge.easyaml.com/record-keeping-periods#main-content) English - Australia Show submenu for translations Open main navigation Close main navigation - English - Australia Show submenu for translations How can we help you? - There are no suggestions because the search field is empty. 1. [easyAML Help Centre](https://knowledge.easyaml.com/?hsLang=en-au) 2. [FAQs](https://knowledge.easyaml.com/faqs?hsLang=en-au) 3. [Compliance Program](https://knowledge.easyaml.com/faqs?hsLang=en-au#compliance-program) # How long do I need to keep records for? ## The record types you must retain, and the set periods AML/CTF regulations require for each. ### Under AML/CTF regulations, you must retain specific records for set periods to demonstrate compliance and assist with investigations. the standard retention period is 7 years, but when the clock starts varies by record type. **Important:** Failing to maintain required records for the mandated periods can result in significant penalties. easyAML helps you track and manage these requirements automatically. ### Record retention requirements ### Customer identification records: 7 years after relationship ends **What to keep:** - Customer identification documents (driver's license, passport, etc.) - Verification records and beneficial owner information - Due diligence documentation and risk assessments - Updates to customer information **Critical detail:** The 7 years starts **after the customer relationship ends**, not when you first verified their identity. **Example:** Customer opens account in January 2020, closes it in June 2026. You must keep records until June 2033. ### Transaction records: 7 years from transaction date **What to keep:** - All transaction records (including below-threshold transactions) - International funds transfer instructions (IFTIs) - Threshold transaction reports (TTRs) - Suspicious matter reports (SMRs) and supporting documentation - Transaction monitoring alerts and investigations **Critical detail:** Each transaction has its own 7-year countdown from the date it occurred. ### AML/CTF program documents: 7 years after superseded **What to keep:** - Current program (keep indefinitely while operating) - Previous program versions (7 years after being replaced) - Risk assessments and reviews - Board approvals and independent review reports ### Training records: 7 years from completion or departure **What to keep:** - Training certificates and attendance records - Course materials and assessments **For current staff:** 7 years from training completion **For former staff:** 7 years after they leave the organization ### Suspicious matter reports: 7 years from submission **What to keep:** - The SMR and all supporting documentation - Internal investigation notes and analysis - Related transaction records **Never** notify customers about SMRs - tipping off is illegal. --- ### Storage and access requirements **Records must be:** - Easily retrievable when needed - Protected against loss, theft, or damage - In original format or reliable equivalent (scanned copies acceptable if complete and legible) - Secured with appropriate access controls - Regularly backed up **Acceptable storage:** - Digital records (including cloud storage with appropriate security) - Scanned documents - Original paper documents in secure storage --- ### Special circumstances **Business closure:** Records must still be kept for full retention periods. Appoint a custodian and notify AUSTRAC. **Under investigation:** Do not destroy any records regardless of retention period. Legal hold overrides standard schedules. **Business sale:** Record keeping obligations transfer to new owner. Document the handover clearly. ### Common mistakes to avoid **Don't start the clock too early:** Customer records must be kept for 7 years *after* the relationship ends, not from when it began. **Keep all transaction records:** Not just those you reported to AUSTRAC - all transactions must be retained. **Respect legal holds:** If under investigation, don't destroy records even if retention period has expired. **Document everything:** Including when relationships end, when reviews occur, and when records are destroyed. **Need help managing your records?** easyAML's built-in record keeping features automatically track retention requirements and alert you to compliance obligations. **Questions about specific records?** Contact easyAML support or consult with a compliance professional for guidance tailored to your business. **Remember:** Proper record keeping is your proof of compliance and your protection against allegations. When in doubt, keep it. ### Related articles - [What are common staff training mistakes?](https://knowledge.easyaml.com/common-training-mistakes?hsLang=en-au) - [Who needs to be trained on AML/CTF?](https://knowledge.easyaml.com/-who-needs-to-be-trained?hsLang=en-au) - [If a customer cancels, can they still access their records?](https://knowledge.easyaml.com/record-access-after-cancelling?hsLang=en-au) - [Can a duplicate account, individual, entity, or test transaction be deleted within easyAML?](https://knowledge.easyaml.com/delete-archive-transaction-individual-entity?hsLang=en-au) - [What internal documents and templates need updating before AML go-live?](https://knowledge.easyaml.com/what-internal-documents-and-templates-need-updating-before-aml-go-live?hsLang=en-au) - [easyAML Set-up Checklist](https://knowledge.easyaml.com/easyaml-set-up-checklist?hsLang=en-au) - [Training Videos](https://knowledge.easyaml.com/training-videos?hsLang=en-au#main-content) - [Register for Upcoming Webinars](https://knowledge.easyaml.com/training-videos?hsLang=en-au#register-for-upcoming-webinars) - [Previously Recorded Webinars](https://knowledge.easyaml.com/training-videos?hsLang=en-au#previously-recorded-webinars) - [FAQs](https://knowledge.easyaml.com/faqs?hsLang=en-au#main-content) - [General](https://knowledge.easyaml.com/faqs?hsLang=en-au#general) - [AML/CTF basics](https://knowledge.easyaml.com/faqs?hsLang=en-au#aml-ctf-basics) - [Getting started](https://knowledge.easyaml.com/faqs?hsLang=en-au#getting-started) - [Compliance Program](https://knowledge.easyaml.com/faqs?hsLang=en-au#compliance-program) - [Customer Due Diligence (CDD)](https://knowledge.easyaml.com/faqs?hsLang=en-au#customer-due-diligence-cdd) - [Training](https://knowledge.easyaml.com/faqs?hsLang=en-au#training) - [Reporting](https://knowledge.easyaml.com/faqs?hsLang=en-au#reporting) - [Sector Coverage](https://knowledge.easyaml.com/faqs?hsLang=en-au#sector-coverage) - [Pricing & Plans](https://knowledge.easyaml.com/faqs?hsLang=en-au#pricing-plans) - [Sales & Onboarding](https://knowledge.easyaml.com/faqs?hsLang=en-au#sales-onboarding) - [Trusts & Complex Structures](https://knowledge.easyaml.com/faqs?hsLang=en-au#trusts-complex-structures) - [Reliance & KYC Sharing](https://knowledge.easyaml.com/faqs?hsLang=en-au#reliance-kyc-sharing) - [ACMA SMS Sender ID Register](https://knowledge.easyaml.com/faqs?hsLang=en-au#acma-sms-sender-id-register) - [Quick Answers](https://knowledge.easyaml.com/faqs?hsLang=en-au#quick-answers) - [How-to Guides](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#main-content) - [Tasks](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#tasks) - [Transactions](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#transactions) - [Entities](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#entities) - [Insights](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#insights) - [Training](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#training) - [Compliance](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#compliance) - [Reports](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#reports) - [Account Settings](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#account-settings) - [Billing & Plans](https://knowledge.easyaml.com/how-to-guides?hsLang=en-au#billing-plans) - [KYC Information](https://knowledge.easyaml.com/kyc-information?hsLang=en-au#main-content) - [Client Resources](https://knowledge.easyaml.com/kyc-information?hsLang=en-au#client-resources) - [Person being verified](https://knowledge.easyaml.com/kyc-information?hsLang=en-au#person-being-verified) - [Glossary](https://knowledge.easyaml.com/glossary?hsLang=en-au) - [Integrations](https://knowledge.easyaml.com/integrations?hsLang=en-au#main-content) - [General](https://knowledge.easyaml.com/integrations?hsLang=en-au#general) - [Action Step](https://knowledge.easyaml.com/integrations?hsLang=en-au#action-step) - [Clio](https://knowledge.easyaml.com/integrations?hsLang=en-au#clio) - [XPM](https://knowledge.easyaml.com/integrations?hsLang=en-au#xpm) - [Scantek](https://knowledge.easyaml.com/integrations?hsLang=en-au#scantek) - [News Feed](https://knowledge.easyaml.com/news-feed?hsLang=en-au#main-content) - [Latest Release Notes](https://knowledge.easyaml.com/news-feed?hsLang=en-au#latest-release-notes) - [Support](https://knowledge.easyaml.com/support?hsLang=en-au) [![easyAML-Logo\_Magenta](https://knowledge.easyaml.com/hs-fs/hubfs/easyAML-Logo_Magenta.png?width=200&height=47&name=easyAML-Logo_Magenta.png "easyAML-Logo_Magenta")](https://easyaml.com/) Copyright © 2026, easyAML