Queensland Consolidated Acts

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CRIMINAL PROCEEDS CONFISCATION ACT 2002 - SECT 247

Retention of records by financial institutions

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.



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