Financial Transaction Reports Act 1988

PART VIA - RETAINING FINANCIAL TRANSACTION DOCUMENTS  

Division 3 - Obligations relating to active ADI accounts transferred to another ADI  

SECTION 40L  

40L   COMPLIANT TRANSFEROR ADIs RELEASED FROM RETENTION OBLIGATIONS  

Sections 40F to 40J do not apply to the transferor ADI, in relation to the document, if it gave the original and all copies of the document to the transferee ADI within the 120-day period beginning 30 days before the transfer of the account.

Note:

A defendant bears an evidential burden in relation to the defence in this section (see subsection 13.3(3) of the Criminal Code ).