Commonwealth Consolidated Acts

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Obligation to keep financial records

             (1)  A financial services licensee must (subject to subsection (2)):

                     (a)  keep financial records that correctly record and explain the transactions and financial position of the financial services business carried on by the licensee; and

                     (b)  keep those records in accordance with the requirements of this Subdivision; and

                     (c)  comply with the requirements of this Subdivision in relation to conversion of records into the English language (see subsection 988C(2)).

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).

             (2)  The licensee does not contravene a requirement of this Subdivision merely because some or all of the records are kept as a part of, or in conjunction with, the records relating to any other business that is carried on by the licensee.

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

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