Financial Transaction Reports Act 1988

PART IIIA - BULLION SELLERS  

SECTION 24D   BULLION SELLER TO KEEP DOCUMENTS  

24D(1)   [Retention of record]  

If a bullion seller makes or obtains a record of any information in the course of obtaining information identifying a party to a bullion transaction that occurred before the commencement of Division 1 of Part 2 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 , the seller must retain the record or a copy of it for seven years after the day on which the transaction occurs.

24D(2)   [Transaction date]  

If any information is part of information identifying a party to 2 or more bullion transactions entered into by the bullion seller, subsection (1) applies as if the reference to the day on which the transaction occurs were a reference to the day on which the last of those transactions occurs.

24D(3)   [Retrieval of documents]  

A bullion seller who is required to retain documents under subsection (1) must retain and store them in a way that makes retrieval of the documents reasonably practicable.

24D(4)   [Obligations]  

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

24D(5)   [Release of document]  

If a bullion seller 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 seller must retain a complete copy of the document until the period has ended or the document is returned, whichever occurs first.

24D(6)   [Register]  

The bullion seller must keep a register of documents released under subsection (5).

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.