sec.14Payments by electronic funds transfer

sec.14 Payments by electronic funds transfer

This section applies if the principal agent pays trust money by electronic funds transfer. The principal agent must keep a transaction report statement from the financial institution at which the trust account is held containing the following particulars— the date of the payment; the amount of the payment; if the trust money is paid using a bill payment platform without stating an account number to which it is paid— the name of the person to whom the money is paid; and the name of the bill payment platform; and the unique transaction reference for the payment; if paragraph (c) does not apply—the account name and number to which the money is paid. Maximum penalty—10 penalty units. A principal agent must keep each transaction report statement containing the particulars mentioned in subsection (2) in the agent’s records. Maximum penalty—10 penalty units. s 14 amd 2021 SL No. 170 s 5 (sec.14-ssec.1) This section applies if the principal agent pays trust money by electronic funds transfer. (sec.14-ssec.2) The principal agent must keep a transaction report statement from the financial institution at which the trust account is held containing the following particulars— the date of the payment; the amount of the payment; if the trust money is paid using a bill payment platform without stating an account number to which it is paid— the name of the person to whom the money is paid; and the name of the bill payment platform; and the unique transaction reference for the payment; if paragraph (c) does not apply—the account name and number to which the money is paid. Maximum penalty—10 penalty units. (sec.14-ssec.3) A principal agent must keep each transaction report statement containing the particulars mentioned in subsection (2) in the agent’s records. Maximum penalty—10 penalty units.

• (a) the date of the payment;
• (b) the amount of the payment;
• (c) if the trust money is paid using a bill payment platform without stating an account number to which it is paid— (i) the name of the person to whom the money is paid; and (ii) the name of the bill payment platform; and (iii) the unique transaction reference for the payment;
• (i) the name of the person to whom the money is paid; and
• (ii) the name of the bill payment platform; and
• (iii) the unique transaction reference for the payment;
• (d) if paragraph (c) does not apply—the account name and number to which the money is paid.
• (i) the name of the person to whom the money is paid; and
• (ii) the name of the bill payment platform; and
• (iii) the unique transaction reference for the payment;