Financial Transaction Reports Act 1988
View history note
Hide history noteA 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 ).
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