Commonwealth Consolidated Acts

FINANCIAL TRANSACTION REPORTS ACT 1988 - SECT 40N

    An ADI (the transferor ADI ) may give the original and copies of a document (the second document ) relating to an account to another ADI (the transferee ADI ) if:

  (a)   the transferor ADI has given another document (the first document ) relating to the same account to the transferee ADI in accordance with section   40K; and

Note:   Paragraph   40K(1)(c) requires the document to have been given during a 120 - day period.

  (b)   the second document is in the transferor ADI's possession in fulfilment of an obligation imposed on it by section   40F, subsection   40G(1) or section   40H or 40J; and

  (c)   the second document relates to a closed account; and

  (d)   the transferor ADI and the transferee ADI agree in writing that the second document should be given by the transferor ADI to the transferee ADI within the 120 - day period relating to the giving of the first document.