FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 24D Bullion seller to keep documents

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 24D

  (1)   If a bullion seller makes or obtains a record of any information in the course of obtaining information identifying a party to a bullion transaction that occurred before the commencement of Division   1 of Part   2 of the Anti - Money Laundering and Counter - Terrorism Financing Act 2006 , the seller must retain the record or a copy of it for seven years after the day on which the transaction occurs.

  (2)   If any information is part of information identifying a party to 2 or more bullion transactions entered into by the bullion seller, subsection   (1) applies as if the reference to the day on which the transaction occurs were a reference to the day on which the last of those transactions occurs.

  (3)   A bullion seller who is required to retain documents under subsection   (1) must retain and store them in a way that makes retrieval of the documents reasonably practicable.

  (4)   Subsection   (1) does not limit any other obligation of a bullion seller to retain documents.

  (5)   If a bullion seller is required by law to release a document to which subsection   (1) applies before the end of the period referred to in that subsection, the seller must retain a complete copy of the document until the period has ended or the document is returned, whichever occurs first.

  (6)   The bullion seller must keep a register of documents released under subsection   (5).

Penalty:   Imprisonment for 1 year.

Note:   Subsection   4B(2) of the Crimes Act 1914 allows a court to impose in respect of an offence an appropriate fine instead of, or in addition to, a term of imprisonment. The maximum fine that a court can impose on an individual is worked out by multiplying the maximum term of imprisonment (in months) by 5, and then multiplying the resulting number by the amount of a penalty unit. The amount of a penalty unit is stated in section   4AA of that Act. If a body corporate is convicted of an offence, subsection   4B(3) of that Act allows a court to impose a fine that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.