32Payment by electronic funds transfer

32 Payment by electronic funds transfer

(1)  In this regulation –

associate means an associate of the law practice;

authorised means authorised by the law practice to effect, direct, or give authority for, an electronic funds transfer from the general trust account.

(2)  This regulation applies to the withdrawal of trust money from a general trust account of a law practice by electronic funds transfer.

(3)  An electronic funds transfer must be effected by, under the direction of or with the authority of –

(a) an authorised principal of the law practice; or

(b) if a principal referred to in paragraph (a) is not available –

(i) an authorised legal practitioner associate; or

(ii) an authorised Australian legal practitioner who holds an unrestricted practising certificate authorising the receipt of trust money; or

(iii) two or more authorised associates jointly.

(4)  A written record of the required particulars must be kept of each payment unless at the time the electronic funds transfer is effected those particulars are recorded by computer program in the trust account payments cash book.

(5)  If at the time the electronic funds transfer is effected the required particulars are recorded by computer program in the trust account payments cash book, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified.

(6)  For the purposes of subregulations (4) and (5) , the required particulars are as follows:

(a) the date and number of the transaction;

(b) the amount transferred;

(c) the name and number of the account to which the amount is transferred and relevant BSB number;

(d) the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;