Financial Transaction Reports Act 1988

PART VIA - RETAINING FINANCIAL TRANSACTION DOCUMENTS  

Division 4 - Obligations relating to closed ADI accounts transferred to another ADI  

SECTION 40N  

40N   TRANSFEROR ADI MAY GIVE DOCUMENTS TO TRANSFEREE ADI  

An ADI (the transferor ADI ) may give the original and copies of a document (the second document ) relating to an account to another ADI (the transferee ADI ) if:

(a) the transferor ADI has given another document (the first document ) relating to the same account to the transferee ADI in accordance with section 40K ; and

Note:

Paragraph 40K(1)(c) requires the document to have been given during a 120-day period.

(b) the second document is in the transferor ADI's possession in fulfilment of an obligation imposed on it by section 40F , subsection 40G(1) or section 40H or 40J ; and

(c) the second document relates to a closed account; and

(d) the transferor ADI and the transferee ADI agree in writing that the second document should be given by the transferor ADI to the transferee ADI within the 120-day period relating to the giving of the first document.