Document ID: chunk:federal_register_of_legislation:C2004A04745:body:0:p27
Version: federal_register_of_legislation:C2004A04745
Segment Type: other
Provision Reference: 
Character Range: 67015–69872

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 that so much of the record as relates to the closed account should be transferred by the transferor bank to the transferee bank during that 120-day period.

Transferor bank may give records to transferee bank

  "(2) The transferor bank may:

    (a) if the record relates wholly to the closed account—give the record to the transferee bank within that 120-day period; or

    (b) if the record relates partly to the closed account and partly to some other account (whether active or otherwise):

        (i) make a copy of so much of the record as relates to the closed account; and

        (ii) give the copy to the transferee bank;

    within that 120-day period.

Transferor bank released from obligations under section 23

"(3) If the transferor bank gives a document to the transferee bank under subsection (2) of this section, the transferor bank does not contravene section 23 in relation to so much of the document as relates to the closed account.

Obligations of transferee bank—section 23

"(4) 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 closed account.

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

"(5) 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 closed account;

    (b) if the document (or its original) was covered by subparagraph 20A(1)(b)(r)—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 closed 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 closed 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

  "(6) In this section:

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

PART 3.3—AMENDMENT OF THE PROCEEDS OF CRIME