Financial Transaction Reports Act 1988

PART VIA - RETAINING FINANCIAL TRANSACTION DOCUMENTS  

Division 3 - Obligations relating to active ADI accounts transferred to another ADI  

SECTION 40M  

40M   RETENTION OBLIGATIONS OF TRANSFEREE ADIs  

If the transferee ADI is given the original and all copies of the document within the 120-day period beginning 30 days before the transfer of the account, this Part applies to the transferee ADI in relation to the document as follows:

(a) if the document was covered by paragraphs 40F(1)(a) to (d) - as if the document were covered by those paragraphs in relation to the transferee ADI;

(b) if the document was covered by subsection 40H(1) - as if the document were covered by that subsection in relation to the transferee ADI;

(c) if the document was covered by subsection 40J(1) - as if the document were covered by that subsection in relation to the transferee ADI;

(d) in any case - as if the minimum retention period applicable to the document were the period of 7 years after the day on which the transferred account is closed.