ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 109 Records relating to transferred ADI accounts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING ACT 2006 - SECT 109

Scope

  (1)   This section applies if:

  (a)   a document is in the possession of an ADI (the transferor ADI ) in fulfilment of an obligation imposed on it by section   107 or 108; and

  (b)   the document relates to an active account that has been, or is proposed to be, transferred to another ADI (the transferee ADI ) under:

  (i)   a law of the Commonwealth or of a State or Territory; or

  (ii)   an arrangement between the transferor ADI and the transferee ADI.

Transferor ADI must give document to the transferee ADI

  (2)   The transferor ADI must give the document to the transferee ADI within the 120 - day period beginning 30 days before the transfer of the account.

Transferor ADI released from retention obligations

  (3)   Sections   107 and 108 do not apply to the transferor ADI, in relation to the document, if the transferor ADI gave the original or a copy of the document to the transferee ADI within the 120 - day period beginning 30 days before the transfer of the account.

Note:   A defendant bears an evidential burden in relation to the matter in subsection   (3) (see subsection   13.3(3) of the Criminal Code ).

Retention obligations of transferee ADI

  (4)   If the transferee ADI is given the document within the 120 - day period beginning 30 days before the transfer of the account, the transferee ADI must retain:

  (a)   the document; or

  (b)   a copy of the document;

for 7 years after the giving of the document.

Civil penalty

  (5)   Subsections   (2) and (4) are civil penalty provisions.