Conveyancers (Trust Account and General) Regulations 2018

If a licensee withdraws trust money from a general trust account by cheque, the licensee must ensure that the cheque—

is made payable to, or to the order of, a specified person or persons and not to bearer or cash; and

is crossed "not negotiable"; and

includes—

the name of the licensee's conveyancing business; and

the expression "conveyancing business" or "conveyancing business trust a/c"; and

is signed by the licensee, or if the licensee is not available, by an authorised employee of the licensee.

The licensee must keep a paper copy record of the required particulars, unless those particulars are recorded by a computerised accounting system in the trust account payments cash book at the time the cheque is issued.

For the purposes of subregulation (2), the following are the required particulars—

the date and number of the cheque;

the amount ordered to be paid by the cheque;

the name of the person to whom the payment is to be made or, if the cheque is made payable to an ADI, the name or BSB of the ADI and the name of the person receiving the benefit of the payment;

the name of the person on whose behalf the payment was made and the matter reference;

the ledger account to be debited;

the purpose for which the payment was made.

The licensee must keep records relating to payments by cheque (including cheque requisitions) in the order in which the cheques were issued.

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