Commonwealth Numbered Acts

PROCEEDS OF CRIME ACT 1987 No. 87, 1987 - SECT 77

77. (1) A financial institution shall, subject to section 78, 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 the purposes of 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)
is guilty of an offence against this section punishable, upon conviction, by a
fine not exceeding $10,000.

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