Financial Transaction Reports Act 1988

PART VIA - RETAINING FINANCIAL TRANSACTION DOCUMENTS  

Division 2 - Retaining financial transaction documents  

SECTION 40F   CUSTOMER-GENERATED FINANCIAL TRANSACTION DOCUMENTS NOT RELATING TO OPERATION OF ACCOUNTS  

40F(1)    

A financial institution commits an offence if:

(a) it does not retain, for the minimum retention period, the original of a customer-generated financial transaction document; and

(b) the document does not relate to the operation of an account held with the institution; and

(c) the document is not a cheque or payment order; and

(d) the financial institution is not required by law to release the original before the end of the minimum retention period.

Penalty: 100 penalty units.

40F(2)    
An offence against this section is an offence of strict liability.

Note 1:

For strict liability , see section 6.1 of the Criminal Code .

Note 2:

This section does not apply to documents relating to certain transferred accounts (see sections 40L and 40P ).