Document ID: chunk:federal_register_of_legislation:C2024C00826:section:88
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 88
Character Range: 205589–207210

88  Obligation to keep financial records

Requirement to keep financial records
 (1) A licensee must:
 (a) keep financial records that correctly record and explain the transactions and financial position of any business of engaging in credit activities carried on by the licensee; and
 (b) keep those records in accordance with this Division; and
 (c) comply with subsection 90(2) in relation to the conversion of records into the English language; and
 (d) comply with section 91 in relation to the location and production of records and particulars.
Civil penalty: 5,000 penalty units.

Meaning of financial records
 (2) Financial records includes:
 (a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and vouchers; and
 (b) documents of prime entry; and
 (c) any trust account statement or trust account report required under section 100.

Offence
 (3) A person commits an offence if:
 (a) the person is subject to a requirement in relation to financial records under subsection (1); and
 (b) the person engages in conduct; and
 (c) the conduct contravenes subsection (1).
Criminal penalty: 5 years imprisonment.

Financial records may be kept with other records
 (4) A licensee does not contravene this Division merely because some or all of the financial records are prepared as a part of, or in conjunction with, the records relating to any other business that is carried on by the licensee.
Note: For the purposes of subsection (3), a defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code).