Financial Transaction Reports Act 1988
View history note
Hide history noteAn ADI (the transferor ADI ) commits an offence if:
(a) a document is in its possession in fulfilment of an obligation imposed on it by section 40F , subsection 40G(1) or section 40H or 40J ; and
(b) the document relates to an active account that has been, or is proposed to be, transferred to another ADI (the transferee ADI ) under:
(i) a law of the Commonwealth or of a State or Territory; or
(ii) an arrangement between the transferor ADI and the transferee ADI; and
(c) the transferor ADI intentionally fails to give the relevant document to the transferee ADI within the 120-day period beginning 30 days before the transfer of the account.
Penalty: 10 penalty units.
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