26Journal

26 Journal

26 Journal

(1) For the purposes of the Act, section 172(2)(d), a licensee must record in a journal, maintained exclusively for the licensee’s trust account, all transfers between accounts in the trust account ledger that are not effected by cheque or electronic funds transfer.

(2) The recording must include the following—

(a) the date of the transfer,

(b) the amount transferred to and from each ledger account,

(c) the names of all ledger accounts to be debited or credited,

(d) the relevant reference number or other identifier,

(e) sufficient particulars to identify the transfer and the reason for the transfer.

(3) Each transfer, when entered in the journal, is to be numbered consecutively.

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