FINANCIAL TRANSACTION REPORTS ACT 1988

PART VIA - RETAINING FINANCIAL TRANSACTION DOCUMENTS  

Division 2 - Retaining financial transaction documents  

SECTION 40J   RETAINING OTHER FINANCIAL TRANSACTION DOCUMENTS  

40J(1)  


A financial institution commits an offence if:


(a) it does not retain, for the minimum retention period, either the original or a copy of a financial transaction document that is not a customer-generated financial transaction document; and


(b) retaining the document is necessary to preserve a record of the transactions concerned; and


(c) the document is not a cheque or payment order.

Penalty: 100 penalty units.

40J(2)  
Subsection (1) does not apply to a document that relates to a single deposit, credit, withdrawal, debit or transfer of an amount not exceeding:


(a) $200; or


(b) such higher amount as is specified in the regulations for the purposes of this subsection.

Note 1:

A defendant bears an evidential burden in relation to the defence in subsection (2) (see subsection 13.3(3) of the Criminal Code ).

Note 2:

Subsection (1) also does not apply to documents relating to certain transferred accounts (see sections 40L and 40P ).

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

Note:

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




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