Commonwealth Consolidated Acts

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 40G

  (1)   A financial institution commits an offence if:

  (a)   before the end of the minimum retention period, it releases the original of a document that, but for paragraph   40F(1)(d), it would be obliged by section   40F to retain; and

  (b)   it does not retain a complete copy of the document until one of the following occurs:

  (i)   the period ends;

  (ii)   the original is returned.

Penalty:   100 penalty units.

  (2)   A financial institution commits an offence if it does not maintain a register of documents released as mentioned in paragraph   (1)(a).

Penalty:   100 penalty units.

  (3)   An offence against this section is an offence of strict liability.

Note 1:   For strict liability , see section   6.1 of the Criminal Code .

Note 2:   This section does not apply to documents relating to certain transferred accounts (see sections   40L and 40P).