Commonwealth Numbered Acts

PROCEEDS OF CRIME ACT 1987 No. 87, 1987 - SECT 76

76. In this Division:

"customer generated financial transaction document", in relation to a
financial institution, means a financial transaction document of the
institution:

   (a)  that relates to:

        (i)    the opening or closing by a person of an account with the
               institution;

        (ii)   the operation by a person of an account with the institution;

        (iii)  the opening or use by a person of a deposit box held by the
               institution;

        (iv)   the telegraphic or electronic transfer of funds by the
               institution on behalf of a person to another person;

        (v)    the transmission of funds between Australia and a foreign
               country or between foreign countries on behalf of a person; or

        (vi)   an application by a person for a loan from the institution
               (where a loan is made to the person pursuant to the
               application); and

   (b)  that is given to the institution by or on behalf of the person
        (whether or not the document is signed by or on behalf of the person);

"essential customer-generated financial transaction document", in relation to
a financial institution, means a customer generated financial transaction
document other than a document that relates to the operation of an account
held with the institution;

"financial transaction document", in relation to a financial institution,
means any document that relates to a financial transaction carried out by the
institution in its capacity as a financial institution and, without limiting
the generality of this, includes a document relating to:

   (a)  the opening, operating or closing of an account held with the
        institution; and

   (b)  the opening or use of a deposit box held by the institution;
but does not include a cheque or payment order;

"minimum retention period", in relation to a financial transaction document of
a financial institution, means:

   (a)  if the document relates to the opening of an account with the
        institution-the period of 7 years after the day on which the account
        is closed;

   (b)  if the document relates to the opening by a person of a deposit box
        held by the institution-the period of 7 years after the day on which
        the deposit box ceases to be used by the person; or

   (c)  in any other case-the period of 7 years after the day on which the
        transaction takes place.