Obligation to keep financial records
(1) A financial services licensee must (subject to subsection (2)): (a) keep financial records that correctly record and explain the transactions and financial position of the financial services business carried on by the licensee; and (b) keep those records in accordance with the requirements of this Subdivision; and (c) comply with the requirements of this Subdivision in relation to conversion of records into the English language (see subsection 988C(2)). Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). (2) The licensee does not contravene a requirement of this Subdivision merely because some or all of the records are kept as a part of, or in conjunction with, the records relating to any other business that is carried on by the licensee. Note: A defendant bears an evidential burden in relation to the matters in this subsection. See subsection 13.3(3) of the Criminal Code.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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