Financial Transaction Reports Act 1988

PART VIA - RETAINING FINANCIAL TRANSACTION DOCUMENTS  

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

SECTION 40Q  

40Q   RETENTION OBLIGATIONS OF TRANSFEREE ADIs  

If the transferee ADI is given the original or a copy of the second document within the 120-day period relating to the giving of the first document, this Part applies to the transferee ADI in relation to the second document as follows:

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

(b) if the second document was covered by subsection 40H(1) - as if the second 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 second document were the period of 7 years after the day on which the account was closed.