Queensland Consolidated Acts

CRIMINAL PROCEEDS CONFISCATION ACT 2002 - SECT 247

247 Retention of records by financial institutions

(1) A financial institution must, subject to section 248 , keep each essential customer-generated financial transaction document in its original form for the minimum retention period for the document.

Penalty—

Maximum penalty—200 penalty units.

(2) A financial institution must keep the following documents, or a copy of the following documents, for the minimum retention period for the relevant documents—

(a) each customer-generated financial transaction document that is not an essential customer-generated financial transaction document;

(b) each financial transaction document—

(i) that is not a customer-generated financial transaction document; and

(ii) whose retention is necessary to preserve a record of the financial transaction concerned.

Penalty—

Maximum penalty—200 penalty units.

(3) Subsection (2) does not apply to a financial transaction document that relates to a single deposit, credit, withdrawal, debit or transfer of an amount of money of not more than $200 or a higher amount prescribed under a regulation for this subsection.

(4) A financial institution must retain and store documents required to be kept under subsection (1) or (2) in a way that makes retrieval of the documents reasonably practicable.

Penalty—

Maximum penalty—200 penalty units.

(5) This section does not limit any other obligation of a financial institution to retain documents.