Commonwealth Consolidated Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 110

Transferor ADI may give documents to transferee ADI

  (1)   An ADI (the transferor ADI ) may give the original and copies of a document (the second document ) relating to an account to another ADI (the transferee ADI ) if:

  (a)   the transferor ADI has given another document (the first document ) relating to the same account to the transferee ADI in accordance with section   109; and

  (b)   the second document is in the transferor ADI's possession in fulfilment of an obligation imposed on it by section   107 or 108; and

  (c)   the second document relates to a closed account; and

  (d)   the transferor ADI and the transferee ADI agree in writing that the second document should be given by the transferor ADI to the transferee ADI within the 120 - day period allowed by section   109 for the giving of the first document.

Transferor ADI released from retention obligations

  (2)   Sections   107 and 108 do not apply to the transferor ADI, in relation to the second document, if the transferor ADI gave the original or a copy of the second document to the transferee ADI within the 120 - day period allowed by section   109 for the giving of the first document.

Note:   A defendant bears an evidential burden in relation to the matter in subsection   (2) (see subsection   13.3(3) of the Criminal Code ).

Retention obligations of transferee ADI

  (3)   If the transferee ADI is given the original or a copy of the second document within the 120 - day period allowed by section   109 for the giving of the first document, the transferee ADI must retain:

  (a)   the second document; or

  (b)   a copy of the second document;

for 7 years after the giving of the second document.

Civil penalty

  (4)   Subsection   (3) is a civil penalty provision.