24Trust deposits

24 Trust deposits

24 Trust deposits

(1) For the purposes of the Act, section 172(2)(d), a licensee who makes a deposit of money to the licensee’s trust account must ensure that—

(a) the relevant deposit book or other written deposit record is produced to the bank when the deposit is made, and

(b) the following particulars are entered in the book or record—

(i) the date of the deposit,

(ii) the amount of the deposit,

(iii) whether the deposit consists of cheques, notes or coins,

(iv) if cheques are included in the deposit—

(A) the name of the drawer, and

(B) the name and branch of the bank on which the cheque is drawn, and

(C) the amount of each cheque,

(c) a duplicate of the particulars of each deposit is kept by the licensee.

Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.

(2) This section does not apply to a deposit of money made directly to a licensee’s trust account by a person other than the licensee, whether electronically or otherwise.