Financial Transaction Reports Act 1988

PART VIA - RETAINING FINANCIAL TRANSACTION DOCUMENTS  

Division 5 - Miscellaneous  

SECTION 40R   RETRIEVING DOCUMENTS MUST BE REASONABLY PRACTICABLE  

40R(1)    

A financial institution commits an offence if:

(a) it is required to retain documents under this Part; and

(b) does not retain and store them in a way that makes their retrieval reasonably practicable.

Penalty: 100 penalty units.

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

Note:

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