Document ID: chunk:federal_register_of_legislation:C2004C01279:clause:3_40k
Version: federal_register_of_legislation:C2004C01279
Segment Type: clause
Provision Reference: sch 3 cl 40K
Character Range: 92296–93040

40K  Transferor ADI must give documents to transferee ADI

  An ADI (the transferor ADI) is guilty of an offence if:
 (a) a document is in its possession in fulfilment of an obligation imposed on it by section 40F, subsection 40G(1) or section 40H or 40J; and
 (b) the document relates to an active account that has been, or is proposed to be, transferred to another ADI (the transferee ADI) under:
 (i) a law of the Commonwealth or of a State or Territory; or
 (ii) an arrangement between the transferor ADI and the transferee ADI; and
 (c) the transferor ADI intentionally fails to give the relevant document to the transferee ADI within the 120‑day period beginning 30 days before the transfer of the account.

Penalty: 10 penalty units.