sec.197DFinancial institution to comply with notice

### sec.197D Financial institution to comply with notice A financial institution must comply with a notice given to it under this part. Maximum penalty—100 penalty units. However, a financial institution must comply with the notice only to the extent that records needed to comply with the notice are held by, or are under the control of, the institution. It is a defence to a prosecution for an offence against subsection (1) for the financial institution to prove it— could not reasonably comply with the notice within the period stated in the notice; and took reasonable steps to comply with the notice; and gave the advice sought in the notice as soon as practicable after the period for compliance stated in the notice. s 197D ins 2014 No. 1 s 13 (sec.197D-ssec.1) A financial institution must comply with a notice given to it under this part. Maximum penalty—100 penalty units. (sec.197D-ssec.2) However, a financial institution must comply with the notice only to the extent that records needed to comply with the notice are held by, or are under the control of, the institution. (sec.197D-ssec.3) It is a defence to a prosecution for an offence against subsection (1) for the financial institution to prove it— could not reasonably comply with the notice within the period stated in the notice; and took reasonable steps to comply with the notice; and gave the advice sought in the notice as soon as practicable after the period for compliance stated in the notice. - (a) could not reasonably comply with the notice within the period stated in the notice; and - (b) took reasonable steps to comply with the notice; and - (c) gave the advice sought in the notice as soon as practicable after the period for compliance stated in the notice.