Commonwealth Consolidated Acts

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 40F

  (1)   A financial institution commits an offence if:

  (a)   it does not retain, for the minimum retention period, the original of a customer - generated financial transaction document; and

  (b)   the document does not relate to the operation of an account held with the institution; and

  (c)   the document is not a cheque or payment order; and

  (d)   the financial institution is not required by law to release the original before the end of the minimum retention period.

Penalty:   100 penalty units.

  (2)   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).