FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 40K Transferor ADI must give documents to transferee ADI
FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 40K
Transferor ADI must give documents to transferee ADIAn ADI (the transferor ADI ) commits an offence if:
(a) a document is in its possession in fulfilment of an obligation imposed on it by section 40F, subsection 40G(1) or section 40H or 40J; 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; and
(c) the transferor ADI intentionally fails to give the relevant document to the transferee ADI within the 120 - day period beginning 30 days before the transfer of the account.