Document ID: chunk:federal_register_of_legislation:C2025C00044:section:115
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 115
Character Range: 318828–320474

115  Retention of records about electronic funds transfer instructions

Scope
 (1) This section applies if:
 (a) section 64 applies to:
 (i) a multiple‑institution person‑to‑person electronic funds transfer instruction; or
 (ii) a multiple‑institution same‑person electronic funds transfer instruction; and
 (b) a person is in the funds transfer chain; and
 (c) the person is an interposed person and the transfer instruction is to be passed on by the person at or through a permanent establishment of the person in Australia; and
 (d) the making available by the beneficiary institution of the transferred money would take place at or through a permanent establishment of the beneficiary institution in Australia; and
 (e) some or all of the required transfer information was passed on to the person by another person in the funds transfer chain; and
 (f) the transfer instruction was accepted by the ordering institution at or through a permanent establishment of the ordering institution in a foreign country; and
 (g) the transfer instruction was passed on to the person by a permanent establishment of the ordering institution, or of another person, in a foreign country.

Keeping and retention of records
 (2) The person must:
 (a) make a record of so much of the required transfer information as was passed on to the person as mentioned in paragraph (1)(e); and
 (b) retain that record, or a copy of the record, for 7 years after the transfer instruction was passed on to the person.

Civil penalty
 (3) Subsection (2) is a civil penalty provision.

Division 5—Records about anti‑money laundering and counter‑terrorism financing programs