ADI disclosure requirements
534 ADI disclosure requirements
An ADI must, at the request of an external intervener for a law practice, disclose to the intervener without charge—
whether or not the practice, or an associate of the practice stated by the intervener, keeps or has kept an account at the ADI during a period stated by the intervener; and
details identifying each account so kept.
Maximum penalty—100 penalty units.
An ADI at which an account of a law practice or associate of a law practice is or has been kept must, at the request of an external intervener for the law practice, and without charge—
produce for inspection or copying by the intervener, or a nominee of the intervener, any records relating to any account so kept or money deposited in any account so kept; and
provide the intervener with full details of any transactions relating to any account so kept or money deposited in any account so kept.
Maximum penalty—100 penalty units.
If an external intervener believes that trust money has, without the authorisation of the person who entrusted the trust money to the law practice, been deposited into the account of a third party who is not an associate of the law practice, the ADI at which the account is kept must disclose to the intervener without charge—
whether or not a person stated by the intervener keeps or has kept an account at the ADI during a period stated by the intervener; and
the details of any account so kept.
Maximum penalty—100 penalty units.
An obligation imposed by this section on an ADI does not apply unless the external intervener produces to the ADI evidence of the appointment of the intervener in relation to the law practice concerned.
A request under this section may be general or limited to a particular kind of account.
This section applies despite any duty of confidence to the contrary.
An ADI or an officer or employee of an ADI is not liable to any action for any loss or damage suffered by another person as a result of producing records or providing details under this section.
This Act’s bill:Explanatory memorandum
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