Australian Capital Territory Repealed Acts

This legislation has been repealed.

PROCEEDS OF CRIME ACT 1991 NO 103 (REPEALED) - SECT 72

    (1)         A financial institution shall, subject to section 73, retain each essential customer generated financial transaction document in its original form for the minimum retention period applicable to the document.

    (2)         Subject to subsection (4), a financial institution shall retain, or retain a copy of, each customer generated financial transaction document that is not an essential customer generated financial transaction document for the minimum retention period applicable to the document.

    (3)         Subject to subsection (4), a financial institution shall retain, or retain a copy of, each financial transaction document—

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

        (b)     whose retention is necessary to preserve a record of the financial transaction concerned;

for the minimum retention period applicable to the document.

    (4)         Subsections (2) and (3) do not apply to a financial transaction document that relates to a single deposit, credit, withdrawal, debit or transfer of an amount of money that does not exceed $200 or such higher amount as is prescribed by the regulations for this subsection.

    (5)         A financial institution required to retain documents under this section shall retain and store them in a way that makes retrieval of the documents reasonably practicable.

    (6)         A financial institution that contravenes subsection (1), (2), (3) or (5) commits an offence.

Maximum penalty: 100 penalty units.

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