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FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 40R

Retrieving documents must be reasonably practicable

  (1)   A financial institution commits an offence if:

  (a)   it is required to retain documents under this Part; and

  (b)   does not retain and store them in a way that makes their retrieval reasonably practicable.

Penalty:   100 penalty units.

  (2)   An offence against this section is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .


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