67
In forceTrust account details to be notified to Director
Part 5Trust money and trust accounts
Division 2Trust accounts and trust money
67 Trust account details to be notified to Director
(1)
Within 14 days after establishing a trust account, a licensee must notify the Director of the number of the account and the name and address of the branch of the ADI at which the account is maintained.
- 60 penalty units.
(2)
A licensee must notify the Director of any changes to the information notified to the Director under subsection (1) within 14 days after becoming aware of the change.
- 60 penalty units.
(3)
Within 14 days after closing a trust account, a licensee must notify the Director of the closure.
- 60 penalty units.
This Act’s bill:Explanatory memorandumSecond reading speech
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