CTHRepealedAct
Financial Transaction Reports Act 1988
40EMeaning of minimum retention period
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40E Meaning of minimum retention period
The minimum retention period, in relation to a financial transaction document of a financial institution, is: (a) if the document relates to the opening of an account with the institution—the period of 7 years after the day on which the account is closed; or (b) if the document relates to the opening by a person of a safety deposit box held by the institution—the period of 7 years after the day on which the safety deposit box ceases to be used by the person; or (c) in any other case—the period of 7 years after the day on which the transaction takes place.