Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p26
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 64361–67279

account; and

        (ii) give the copy to the transferee bank;

    within the 120-day period beginning 30 days before the transfer.

Offence

"(3) A person who intentionally or recklessly contravenes subsection (2) is guilty of an offence punishable on conviction by a fine not exceeding 10 penalty units.

Transferor bank released from obligations under section 23

"(4) If the transferor bank complies with subsection (2) of this section in relation to the record, the transferor bank does not contravene section 23 in relation to so much of the record as relates to the transferred account.

Obligations of transferee bank—section 23

"(5) If the transferee bank is given a document under subsection (2) of this section, section 23 applies to the transferee bank in relation to the document as if the document were a record made or obtained by the transferee bank in the course of obtaining account information or signatory information about the transferred account.

Certain records to be treated as identification records in the hands of the transferee bank

"(6) If the transferee bank is given a document under subsection (2) of this section, section 20A applies to the transferee bank in relation to the document as follows:

     (a) if the document (or its original) was covered by paragraph 20A(1)(a)—as if the document were an identification reference for the signatory to the transferred account;

     (b) if the document (or its original) was covered by subparagraph 20A(1)(b)(i)—as if:

        (i) the transferee bank had carried out the prescribed verification procedure (within the meaning of that subparagraph) to identify the signatory to the transferred account; and

        (ii) the document were a record of that procedure;

     (c) if the document (or its original) was covered by subparagraph 20A(1)(b)(ii)—as if:

        (i) the transferee bank had carried out a verification procedure to identify the signatory to the transferred account; and

        (ii) the procedure had been approved by the Director for the transferee bank; and

        (iii)  the document were a record of that procedure.

Definition

  "(7) In this section:

'record' includes a copy of a record.

Closed bank accounts transferred to another bank—obligations of banks in relation to records of information

When section applies

  "23B.(1) This section applies to a record of information if:

     (a) the record is in the possession of a bank (the 'transferor bank') in fulfilment of an obligation imposed on the transferor bank by subsection 23(1) or (7); and

  (b) the record relates wholly or partly to a closed account; and

     (c) the transferor bank complies with an obligation imposed on it under subsection 23A(2) in relation to another bank (the 'transferee bank') during the 120-day period mentioned in that subsection; and

     (d) the transferor bank and the transferee bank agree in writing