Conveyancers (Trust Account and General) Regulations 2018

procedures for the keeping of general trust accounts and trust ledger accounts, controlled money accounts, transit money and other trust records; and

general matters.

Conveyancers (Professional Conduct and Trust Account and General) Regulations 2008^[1];

Conveyancers (Professional Conduct and Trust Account and General) Amendment Regulations 2010^[2];

Conveyancers (Professional Conduct and Trust Account and General) Amendment (Infringements) Regulations 2010^[3];

Conveyancers (Professional Conduct and Trust Account and General) Amendment Regulations 2015^[4].

A licensee may authorise an employee of the licensee to be an authorised employee for the purposes of these Regulations.

An authorisation under subregulation (1) must be given by instrument in writing and be signed by the licensee and the employee.

A licensee must keep a record, in accordance with subregulation (2), of the creation, amendment or deletion of specified information in a computerised accounting system.

A record referred to in subregulation (1) must—

be in a permanent form; and

be compiled in chronological sequence; and

disclose the specified information as it appeared before and after its creation, amendment or deletion.

In this regulation, specified information means all of the following—

client names;

client addresses;

matter references;

matter descriptions;

ledger account numbers or other descriptions.

The licensee must ensure that the computerised accounting system is not capable of accepting the entry of a transaction resulting in a debit balance to a trust ledger account, unless the system records the transaction at the same time and in a manner that enables the production, in a permanent form, of a separate chronological report of all occurrences of that kind.

The licensee must ensure that the computerised accounting system is not capable of deleting a trust ledger account unless—

the balance of the account is zero and all outstanding cheques have been presented; and

when the account is deleted, a copy of the account is kept in a permanent form.

The licensee must ensure that any entry in a record produced in a permanent form appears in chronological sequence.

The licensee must ensure that each page of a printable record is numbered sequentially or is printable in such a way that no page can be removed from the record.

The licensee must ensure that the computerised accounting system is not capable of amending the particulars of a transaction already recorded, otherwise than by a transaction separately recorded that makes the amendment.

The licensee must ensure that the computerised accounting system requires input in every field of a data entry screen intended to receive information required by this Part to be included in trust records.

a back-up copy of all records required by this Part is made at least once each month; and

each back-up copy is kept by the licensee; and

a complete set of back-up copies is kept in a separate location so that any incident that may adversely affect the records does not also affect the back-up copy.

For the purposes of section 66(2) of the Act, a licensee must ensure that—

a general trust account is established in Victoria as soon as practicable after the licensee receives trust money to which Part 5 of the Act applies (other than controlled money or transit money); and

the account is maintained in Victoria; and

the name of the account includes—

the name of the licensee; and

the expression "conveyancing business trust account" or "conveyancing business trust a/c".

Subregulation (1)(c)(ii) does not require the repetition of the words "conveyancing business" if those words form part of the name of the licensee.

This regulation applies if a licensee receives trust money that is required to be paid into a general trust account.

The licensee must make out a receipt as soon as practicable—

after receiving the trust money; or

in the case of trust money received by direct deposit, after receiving notice or confirmation (in written or electronic form) of the deposit from the relevant ADI.

The licensee must ensure that the receipt—

contains the required particulars; and

is made out in duplicate, unless at the time the receipt is made out those particulars are recorded by a computerised accounting system in the trust account receipts cash book.

For the purposes of subregulation (3), the required particulars are as follows—

the date the receipt is made out and, if different, the date the money was received;

the receipt number;

the amount of money received;

the form in which the money was received;

the name of the person from whom the money was received;

the name of the client in respect of whom the money was received and the matter description and matter reference;

the purpose for which the money was received;

the name of the licensee's conveyancing business, or the business name under which the licensee performs conveyancing work, and the expression "trust account" or "trust a/c";

the name of the person who made out the receipt.

The licensee must ensure that the original receipt is given, on request, to the person from whom the trust money was received.

The licensee must ensure that receipts are consecutively numbered and issued in consecutive sequence.

The licensee must keep the original receipt if the receipt is cancelled or not delivered.