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.