40HCustomer‑generated financial transaction documents relating to operation of accounts

##### 40H Customer‑generated financial transaction documents relating to operation of accounts (1) A financial institution is guilty of an offence if: (a) it does not retain, for the minimum retention period, either the original or a copy of a customer‑generated financial transaction document; and (b) the document relates to the operation of an account held with the institution; and (c) the document is not a cheque or payment order. Penalty: 100 penalty units. (2) Subsection (1) does not apply to a document that relates to a single deposit, credit, withdrawal, debit or transfer of an amount not exceeding: (a) $200; or (b) such higher amount as is specified in the regulations for the purposes of this subsection. > Note 1: A defendant bears an evidential burden in relation to the defence in subsection (2) (see subsection 13.3(3) of the Criminal Code). > Note 2: Subsection (1) also does not apply to documents relating to certain transferred accounts (see sections 40L and 40P). (3) An offence against this section is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code.