FINANCIAL TRANSACTION REPORTS ACT 1988

PART VIA - RETAINING FINANCIAL TRANSACTION DOCUMENTS  

Division 2 - Retaining financial transaction documents  

SECTION 40G   RELEASING ORIGINAL DOCUMENTS IF REQUIRED BY LAW  

40G(1)  


A financial institution commits an offence if:


(a) before the end of the minimum retention period, it releases the original of a document that, but for paragraph 40F(1)(d), it would be obliged by section 40F to retain; and


(b) it does not retain a complete copy of the document until one of the following occurs:


(i) the period ends;

(ii) the original is returned.

Penalty: 100 penalty units.

40G(2)  


A financial institution commits an offence if it does not maintain a register of documents released as mentioned in paragraph (1)(a).

Penalty: 100 penalty units.

40G(3)  
An offence against this section is an offence of strict liability.

Note 1:

For strict liability , see section 6.1 of the Criminal Code .

Note 2:

This section does not apply to documents relating to certain transferred accounts (see sections 40L and 40P ).




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