Financial Transaction Reports Act 1988
View history note
Hide history noteA financial institution commits an offence if:
(a) before the end of the minimum retention period, it releases the original of a document that, but for paragraph 40F(1)(d), it would be obliged by section 40F to retain; and
(b) it does not retain a complete copy of the document until one of the following occurs:
(i) the period ends;
(ii) the original is returned.
Penalty: 100 penalty units.
40G(2)
A financial institution commits an offence if it does not maintain a register of documents released as mentioned in paragraph (1)(a).
Penalty: 100 penalty units.
40G(3)
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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