sec.247Retention of records by financial institutions

### sec.247 Retention of records by financial institutions A financial institution must, subject to section 248 , keep each essential customer-generated financial transaction document in its original form for the minimum retention period for the document. Maximum penalty—200 penalty units. A financial institution must keep the following documents, or a copy of the following documents, for the minimum retention period for the relevant documents— each customer-generated financial transaction document that is not an essential customer-generated financial transaction document; each financial transaction document— that is not a customer-generated financial transaction document; and whose retention is necessary to preserve a record of the financial transaction concerned. Maximum penalty—200 penalty units. Subsection (2) does not apply to a financial transaction document that relates to a single deposit, credit, withdrawal, debit or transfer of an amount of money of not more than $200 or a higher amount prescribed under a regulation for this subsection. A financial institution must retain and store documents required to be kept under subsection (1) or (2) in a way that makes retrieval of the documents reasonably practicable. Maximum penalty—200 penalty units. This section does not limit any other obligation of a financial institution to retain documents. s 247 amd 2003 No. 77 s 65 ; 2010 No. 42 s 214 sch (sec.247-ssec.1) A financial institution must, subject to section 248 , keep each essential customer-generated financial transaction document in its original form for the minimum retention period for the document. Maximum penalty—200 penalty units. (sec.247-ssec.2) A financial institution must keep the following documents, or a copy of the following documents, for the minimum retention period for the relevant documents— each customer-generated financial transaction document that is not an essential customer-generated financial transaction document; each financial transaction document— that is not a customer-generated financial transaction document; and whose retention is necessary to preserve a record of the financial transaction concerned. Maximum penalty—200 penalty units. (sec.247-ssec.3) Subsection (2) does not apply to a financial transaction document that relates to a single deposit, credit, withdrawal, debit or transfer of an amount of money of not more than $200 or a higher amount prescribed under a regulation for this subsection. (sec.247-ssec.4) A financial institution must retain and store documents required to be kept under subsection (1) or (2) in a way that makes retrieval of the documents reasonably practicable. Maximum penalty—200 penalty units. (sec.247-ssec.5) This section does not limit any other obligation of a financial institution to retain documents. - (a) each customer-generated financial transaction document that is not an essential customer-generated financial transaction document; - (b) each financial transaction document— (i) that is not a customer-generated financial transaction document; and (ii) whose retention is necessary to preserve a record of the financial transaction concerned. - (i) that is not a customer-generated financial transaction document; and - (ii) whose retention is necessary to preserve a record of the financial transaction concerned. - (i) that is not a customer-generated financial transaction document; and - (ii) whose retention is necessary to preserve a record of the financial transaction concerned.