Financial Transaction Reports Act 1988

PART III - ACCOUNTS  

SECTION 23   CASH DEALER TO KEEP DOCUMENTS  

23(1)   [Retention of record for 7 years]  

If a cash dealer makes or obtains a record of any information in the course of obtaining account information or signatory information for the purpose of compliance with this Part, the cash dealer must retain the record or a copy of it for 7 years after the day on which the relevant account is closed.

23(1A)    
(Omitted by No 164 of 1992)

23(2)    
(Omitted by No 164 of 1992)

23(3)    

(Repealed by No 33 of 1997)

23(4)   [Information for more than one account]  

If any information is part of the account information or signatory information of more than one account with the cash dealer, subsection (1) applies as if the reference to the day on which the account is closed were a reference to the day on which the last of those accounts is closed.

23(4A)    
(Omitted by No 164 of 1992)

23(5)   [Requirement for storing and retrieval of documents]  

A cash dealer required to retain documents under subsection (1) shall retain and store them in a way that makes retrieval of the documents reasonably practical.

23(6)   [Other obligations of cash dealer]  

Subsection (1) does not limit any other obligation of a cash dealer to retain documents.

23(7)   [Where cash dealer required to release document]  

Where a cash dealer is required by law to release a document to which subsection (1) applies before the end of the period referred to in that subsection, the cash dealer shall retain a complete copy of the document until the period has ended or the document is returned, whichever occurs first.

23(8)   [Register of documents]  

The cash dealer shall maintain a register of documents released under subsection (7).

Penalty: Imprisonment for 1 year.

Note:

Subsection 4B(2) of the Crimes Act 1914 allows a court to impose in respect of an offence an appropriate fine instead of, or in addition to, a term of imprisonment. The maximum fine that a court can impose on an individual is worked out by multiplying the maximum term of imprisonment (in months) by 5, and then multiplying the resulting number by the amount of a penalty unit. The amount of a penalty unit is stated in section 4AA of that Act. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.

23(9)    

(Repealed by No 33 of 1997)