Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p28
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 69618–72502

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

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

Definition

  "(6) In this section:

'record' includes a copy of a record.".

PART 3.3—AMENDMENT OF THE PROCEEDS OF CRIME ACT 1987

Object of Part

66. The object of this Part is to facilitate the transfer of accounts between banks by requiring or authorising the transfer of certain documents relating to those accounts.

Principal Act

67. In this Part, "Principal Act" means the Proceeds of Crime Act 19873.

Insertion of new sections

68. After section 78 of the Principal Act the following sections are inserted:

Active bank accounts transferred to another bank—obligations of banks in relation to documents

When section applies

  "78A.(1) This section applies to a document if:

     (a) the document is in the possession of a bank (the 'transferor bank') in fulfilment of an obligation imposed on the transferor bank by subsection 77(1), (2) or (3) or 78(1); and

     (b) the document relates to an account (the 'transferred account') that has been, or is proposed to be, transferred to another bank (the 'transferee bank') under:

      (i) a law of the Commonwealth or of a State or Territory; or

      (ii) an arrangement between the transferor bank and the transferee bank.

Transferor bank to give documents to transferee bank

"(2) The transferor bank must give the document 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 sections 77 and 78

"(4) If the transferor bank complies with subsection (2) of this section in relation to the document, the transferor bank does not contravene section 77 or 78 in relation to the document.

Obligations of transferee bank—sections 77 and 78

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

    (a) if the document was covered by subsection 77(1) or 78(1)—as if the document were an essential customer generated financial transaction document in relation to the transferee bank;

    (b) if the document was covered by subsection 77(2)—as if the document were a customer generated financial transaction document in relation to the transferee bank and were not an essential customer generated financial transaction document;

    (c) if the document was covered by subsection 77(3)—as if the document were a financial transaction document in relation to the transferee bank and were a document:

        (i) that is not a customer generated financial transaction document; and

        (ii) whose retention