Banking (State Bank of South Australia and Other Matters) Act 1994

After section 23 of the Principal Act the following sections are inserted:

Active bank accounts transferred to another bank—obligations of banks in relation to records of information

When section applies

“23A.

This section applies to a record of information if:

the record is in the possession of a bank (the ‘transferor bank’) in fulfilment of an obligation imposed on the transferor bank by subsection 23(1) or (7); and

the record relates wholly or partly to an account (the ‘transferred account’) that has been, or is proposed to be, transferred to another bank (the ‘transferee bank’) under:

a law of the Commonwealth or of a State or Territory; or

an arrangement between the transferor bank and the transferee bank.

Transferor bank to give records to transferee bank

“(2) The transferor bank must comply with whichever of the following rules is applicable:

if the record relates wholly to the transferred account—the transferor bank must give the record to the transferee bank within the 120-day period beginning 30 days before the transfer;

if the record relates partly to the transferred account and partly to an account that is not so transferred or proposed to be so transferred—the transferor bank must:

make a copy of so much of the record as relates to the transferred account; and

give the copy to the transferee bank;

within the 120-day period beginning 30 days before the transfer.

Offence

“(3) A person who intentionally or recklessly contravenes subsection (2) is guilty of an offence punishable on conviction by a fine not exceeding 10 penalty units.

Transferor bank released from obligations under section 23

“(4) If the transferor bank complies with subsection (2) of this section in relation to the record, the transferor bank does not contravene section 23 in relation to so much of the record as relates to the transferred account.

Obligations of transferee bank—section 23

“(5) 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 transferred account.

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

“(6) 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:

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 transferred account;

if the document (or its original) was covered by subparagraph 20A(1)(b)(i)—as if:

the transferee bank had carried out the prescribed verification procedure (within the meaning of that subparagraph) to identify the signatory to the transferred account; and

the document were a record of that procedure;

if the document (or its original) was covered by subparagraph 20A(1)(b)(ii)—as if:

the transferee bank had carried out a verification procedure to identify the signatory to the transferred account; and

the procedure had been approved by the Director for the transferee bank; and

the document were a record of that procedure.

Definition

“(7) In this section:

‘record’ includes a copy of a record.

Closed bank accounts transferred to another bank—obligations of banks in relation to records of information

When section applies

“23B.

This section applies to a record of information if:

the record is in the possession of a bank (the ‘transferor bank’) in fulfilment of an obligation imposed on the transferor bank by subsection 23(1) or (7); and

the record relates wholly or partly to a closed account; and

the 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

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:

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

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

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

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:

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;

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

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

the document were a record of that procedure;

if the document (or its original) was covered by subparagraph 20A(1)(b)(ii)—as if:

the transferee bank had carried out a verification procedure to identify the signatory to the closed account; and

the procedure had been approved by the Director for the transferee bank; and

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 ACT 1987