Financial Transaction Reports Act 1988

PART III - ACCOUNTS  

SECTION 23A   ACTIVE ADI ACCOUNTS TRANSFERRED TO ANOTHER ADI - OBLIGATIONS OF ADIs IN RELATION TO RECORDS OF INFORMATION  

23A(1)   When section applies.  

This section applies to a record of information if:

(a) the record is in the possession of an ADI (the transferor ADI ) in fulfilment of an obligation imposed on the transferor ADI by subsection 23(1) or (7) ; and

(b) the record relates wholly or partly to an account (the transferred account ) that has been, or is proposed to be, transferred to another ADI (the transferee ADI ) under:

(i) a law of the Commonwealth or of a State or Territory; or

(ii) an arrangement between the transferor ADI and the transferee ADI.

23A(2)   Transferor ADI to give records to transferee ADI.  

The transferor ADI must comply with whichever of the following rules is applicable:

(a) if the record relates wholly to the transferred account - the transferor ADI must give the record to the transferee ADI within the 120-day period beginning 30 days before the transfer;

(b) if the record relates partly to the transferred account and partly to an account that is not so transferred or proposed to be so transferred - the transferor ADI must:

(i) make a copy of so much of the record as relates to the transferred account; and

(ii) give the copy to the transferee ADI;

within the 120-day period beginning 30 days before the transfer.

23A(3)   Offence.  

A person who intentionally contravenes subsection (2) commits an offence punishable on conviction by a fine not exceeding 10 penalty units.

Note:

The amount of a penalty unit is stated in section 4AA of the Crimes Act 1914 . 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.

23A(4)   Transferor ADI released from obligations under section 23 .  

If the transferor ADI complies with subsection (2) of this section in relation to the record, the transferor ADI does not contravene section 23 in relation to so much of the record as relates to the transferred account.

23A(5)   Obligations of transferee ADI - section 23.  

If the transferee ADI is given a document under subsection (2) of this section, section 23 applies to the transferee ADI in relation to the document as if the document were a record made or obtained by the transferee ADI in the course of obtaining account information or signatory information about the transferred account.

23A(6)   Certain records to be treated as identification records in the hands of the transferee ADI.  

If the transferee ADI is given a document under subsection (2) of this section, section 20A applies to the transferee ADI in relation to the document as follows:

(a) if the document (or its original) was covered by paragraph 20A(1)(a) - as if the document were an identification reference for the signatory to the transferred account;

(b) if the document (or its original) was covered by subparagraph 20A(1)(b)(i) - as if:

(i) the transferee ADI had carried out the prescribed verification procedure (within the meaning of that subparagraph) to identify the signatory to the transferred account; and

(ii) the document were a record of that procedure;

(c) if the document (or its original) was covered by subparagraph 20A(1)(b)(ii) - as if:

(i) the transferee ADI had carried out a verification procedure to identify the signatory to the transferred account; and

(ii) the procedure had been approved by the AUSTRAC CEO for the transferee ADI; and

(iii) the document were a record of that procedure.

23A(7)   Definition.  

In this section:

"record"
includes a copy of a record.