27Trust account ledger

27 Trust account ledger

27 Trust account ledger

(1) For the purposes of the Act, section 172(2)(d), a licensee must maintain a separate ledger account for trust money received on behalf of or paid to each client.

(2) The ledger account must include—

(a) the name of the client, and

(b) a reference number or other identifier, and

(c) the following particulars of each transaction affecting trust money—

(i) the date of the transaction,

(ii) a description of the transaction,

(iii) particulars sufficient to identify the trust record originating the transaction,

(iv) the amount of the transaction,

(v) the resulting current balance of account arising from the transaction.

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