Legal Profession Regulation 2007

A law practice that receives controlled money must keep a register of controlled money consisting of the records of controlled money movements for the controlled money accounts of the practice.

A separate record of controlled money movements must be kept for each controlled money account.

A record of controlled money movements for a controlled money account must record the following information:

the name of the person on whose behalf the controlled money is held;

the person’s address;

particulars sufficient to identify the matter;

any changes to the information referred to in paragraphs (a) to (c).

The following particulars must be recorded in a record of controlled money movements for a controlled money account:

the date the controlled money was received;

the number of the receipt;

the date the money was deposited in the controlled money account;

the name of and other details clearly identifying the controlled money account;

the amount of controlled money deposited;

details of the deposit sufficient to identify the deposit;

interest received;

details of any payments from the controlled money account, including the particulars required to be recorded under section 54 (4).

With the exception of interest and other income received in relation to controlled money, particulars of receipts and payments must be entered in the register as soon as practicable after the controlled money is received by the law practice or any payment is made.

Interest and other income received in relation to controlled money must be entered in the register as soon as practicable after the law practice is notified of its receipt.

The law practice must keep as part of its trust records all supporting information (including ADI statements and notifications of interest received) relating to controlled money.

Not later than 15 working days after each named month, the law practice must prepare and keep as a permanent record a statement as at the end of the named month—

containing a list of the practice’s controlled money accounts showing—

the name, number and balance of each account in the register; and

the name of the person on whose behalf the controlled money in each account was held; and

a short description of the matter to which each account relates; and

showing the date the statement was prepared.