Australian Capital Territory Numbered Acts

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PROCEEDS OF CRIME ACT 1991 (NO. 103 OF 1991) - SECT 71

Interpretation

71. In this Division—“customer generated financial transaction document”, in relation to a financial institution, means a financial transaction document of the institution—

        (a)     that relates to—

              (i)     the opening or closing by a person of an account with the institution;

              (ii)     the operation by a person of an account with the institution;

              (iii)     the opening or use by a person of a deposit box held by the institution;

              (iv)     the telegraphic or electronic transfer of funds by the institution on behalf of a person to another person;

              (v)     the transmission of funds between Australia and a foreign country or between foreign countries on behalf of a person; or

              (vi)     an application by a person for a loan from the institution (where a loan is made to the person pursuant to the application); and

        (b)     that is given to the institution by or on behalf of the person (whether or not the document is signed by or on behalf of the person);

“essential customer generated financial transaction document”, in relation to a financial institution, means a customer generated financial transaction document other than a document that relates to the operation of an account held with the institution;
“financial transaction document”, in relation to a financial institution, means any document that relates to a financial transaction carried out by the institution in its capacity as a financial institution and, without limiting the generality of this, includes a document relating to—

        (a)     the opening, operating or closing of an account held with the institution; and

        (b)     the opening or use of a deposit box held by the institution;

but does not include a cheque or payment order;

“minimum retention period”, in relation to a financial transaction document of a financial institution, means—

        (a)     if the document relates to the opening of an account with the institution—the period of 7 years after the day on which the account is closed;

        (b)     if the document relates to the opening by a person of a deposit box held by the institution—the period of 7 years after the day on which the deposit box ceases to be used by the person; or

        (c)     in any other case—the period of 7 years after the day on which the transaction takes place.


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