FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 23B Closed ADI accounts transferred to another ADI--obligations of ADIs in relation to records of information

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 23B

When section applies

  (1)   This section applies to a record of information if:

  (a)   the record is in the possession of an ADI (the transferor ADI ) in fulfilment of an obligation imposed on the transferor ADI by subsection   23(1) or (7); and

  (b)   the record relates wholly or partly to a closed account; and

  (c)   the transferor ADI complies with an obligation imposed on it under subsection   23A(2) in relation to another ADI (the transferee ADI ) during the 120 - day period mentioned in that subsection; and

  (d)   the transferor ADI and the transferee ADI agree in writing that so much of the record as relates to the closed account should be transferred by the transferor ADI to the transferee ADI during that 120 - day period.

Transferor ADI may give records to transferee ADI

  (2)   The transferor ADI may:

  (a)   if the record relates wholly to the closed account--give the record to the transferee ADI within that 120 - day period; or

  (b)   if the record relates partly to the closed account and partly to some other account (whether active or otherwise):

  (i)   make a copy of so much of the record as relates to the closed account; and

  (ii)   give the copy to the transferee ADI;

    within that 120 - day period.

Transferor ADI released from obligations under section   23

  (3)   If the transferor ADI gives a document to the transferee ADI under subsection   (2) of this section, the transferor ADI does not contravene section   23 in relation to so much of the document as relates to the closed account.

Obligations of transferee ADI--section   23

  (4)   If the transferee ADI is given a document under subsection   (2) of this section, section   23 applies to the transferee ADI in relation to the document as if the document were a record made or obtained by the transferee ADI in the course of obtaining account information or signatory information about the closed account.

Certain records to be treated as identification records in the hands of the transferee ADI

  (5)   If the transferee ADI is given a document under subsection   (2) of this section, section   20A applies to the transferee ADI in relation to the document as follows:

  (a)   if the document (or its original) was covered by paragraph   20A(1)(a)--as if the document were an identification reference for the signatory to the closed account;

  (b)   if the document (or its original) was covered by subparagraph   20A(1)(b)(i)--as if:

  (i)   the transferee ADI had carried out the prescribed verification procedure (within the meaning of that subparagraph) to identify the signatory to the closed account; and

  (ii)   the document were a record of that procedure;

  (c)   if the document (or its original) was covered by subparagraph   20A(1)(b)(ii)--as if:

  (i)   the transferee ADI had carried out a verification procedure to identify the signatory to the closed account; and

  (ii)   the procedure had been approved by the AUSTRAC CEO for the transferee ADI; and

  (iii)   the document were a record of that procedure.

Definition

  (6)   In this section:

"record" includes a copy of a record.