Australian Capital Territory Repealed Acts

This legislation has been repealed.

PROCEEDS OF CRIME ACT 1991 NO 103 (REPEALED) - SECT 71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; or

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

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

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

              (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 under 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; or

        (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.