Receipts, accounts etc. by settlement agents
50 Receipts, accounts etc. by settlement agents
When a settlement agent receives money for or on behalf of any other person, the agent shall —
unless the money is received by electronic transfer, immediately give to the person paying the money a receipt containing such information as is prescribed; and
keep a record of the money received.
A record under subsection (1)(b) shall be kept in the prescribed manner and contain such information as is prescribed.
The settlement agent shall produce records kept under subsection (1)(b) to the auditor at every audit, and at such other times as the auditor may reasonably require.
[(4) deleted]
Subsection (3) does not apply in the case of a settlement agent if the settlement agent’s auditor certifies to the Commissioner that he is satisfied with the system employed by the settlement agent and that the records of moneys received are so kept and entered up as to enable the accounts to be properly and conveniently audited, and the Commissioner approves of the system employed by the settlement agent of recording the receipt of moneys.
On receipt of any moneys by a settlement agent in respect of a settlement, he shall render to the person on whose behalf the money is received an account in writing of all such moneys and of the application thereof.
[Section 50 amended: No. 59 of 1995 s. 69; No. 58 of 2010 s. 176.]
This provision refers to the regulations (prescribed manner
). Made under this Act:
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