FINANCIAL TRANSACTION REPORTS ACT 1988

PART VIA - RETAINING FINANCIAL TRANSACTION DOCUMENTS  

Division 1 - Meaning of key terms used in this Part  

SECTION 40E   40E   MEANING OF MINIMUM RETENTION PERIOD  


The minimum retention period , in relation to a financial transaction document of a financial institution, is:


(a) if the document relates to the opening of an account with the institution - the period of 7 years after the day on which the account is closed; or


(b) if the document relates to the opening by a person of a safety deposit box held by the institution - the period of 7 years after the day on which the safety deposit box ceases to be used by the person; or


(c) in any other case - the period of 7 years after the day on which the transaction takes place.




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