247 Retention of records by financial institutions
(1) A financial institution must, subject to section 248, keep each essential
customer-generated financial transaction document in its original form for the
minimum retention period for the document.
Penalty—
Maximum
penalty—200 penalty units.
(2) A financial institution must keep the
following documents, or a copy of the following documents, for the minimum
retention period for the relevant documents—
(a) each customer-generated
financial transaction document that is not an essential customer-generated
financial transaction document;
(b) each financial transaction document—
(i) that is not a customer-generated financial transaction document; and
(ii)
whose retention is necessary to preserve a record of the financial transaction
concerned.
Penalty—
Maximum penalty—200 penalty units.
(3)
Subsection (2) does not apply to a financial transaction document that relates
to a single deposit, credit, withdrawal, debit or transfer of an amount of
money of not more than $200 or a higher amount prescribed under a regulation
for this subsection.
(4) A financial institution must retain and store
documents required to be kept under subsection (1) or (2) in a way that makes
retrieval of the documents reasonably practicable.
Penalty—
Maximum
penalty—200 penalty units.
(5) This section does not limit any other
obligation of a financial institution to retain documents.
