Account records to be kept by agent
15 Account records to be kept by agent
A commercial agent must maintain a record containing full particulars of all transactions in relation to an account, including a trust account, held with an authorised deposit-taking institution in connection with a commercial agent activity.
The record may be kept in hard copy or electronic form.
Information must be able to be produced from the record on demand in permanent legible form in the English language.
In the case of a trust account—the commercial agent must also maintain a record, compiled in chronological sequence, of all changes, including creation, amendment or deletion, to the following information—
the name and address of the person for whose benefit the money is held,
the code reference number, if any, of the person for whose benefit the money is held,
the trust account number.
The record of changes must disclose details of the information before and after the change.
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