Deposit records for trust money
13 Deposit records for trust money
This regulation applies if—
a licensee receives trust money that is required to be paid into a general trust account; and
. (b) the money is paid into a general trust account by means other than a direct deposit.
The licensee must—
- produce a deposit record containing the required particulars to the approved ADI at the time the deposit is made; and
- make out the deposit record in duplicate, unless at the time the deposit is paid the required particulars are recorded by a computerised accounting system in the trust account deposits book.
The licensee must keep the duplicate deposit record for each deposit to the general trust account in a deposit book or otherwise securely filed in the order in which the deposits were made.
For the purposes of subregulation (2)(a), the required particulars are as follows—
the date of the deposit;
the amount of the deposit;
whether the deposit consists of cheques or cash (and the amount of each);
for each cheque—
the name of the drawer of the cheque; and
the name and branch (or BSB number) of the ADI on which the cheque is drawn; and
the amount of the cheque.
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