43Receipt of controlled money

43 Receipt of controlled money

(1)  This regulation applies if a law practice receives controlled money.

(2)  The law practice must operate a single controlled money receipt system for the receipt of controlled money for all its controlled money accounts.

(3)  After receiving controlled money, the law practice must make out a receipt.

(4)  The receipt must be made out as soon as practicable –

(a) after the controlled money is received, except as provided by paragraph (b); or

(b) in the case of controlled money received by direct deposit, after the law practice receives or accesses notice or confirmation (in written or electronic form) of the deposit from the ADI concerned.

(5)  The receipt, containing the required particulars, must be made out in duplicate, whether by way of making a carbon copy or otherwise, unless at the time the receipt is made out those particulars are recorded by computer program in the register of controlled money.

(6)  For the purposes of subregulation (5) , the required particulars are as follows:

(a) the date on which the receipt is made out and, if different, the date of receipt of the money;

(b) the amount of money received;

(c) the form in which the money was received;

(d) the name of the person from whom the money was received;

(e) details clearly identifying the name of the person on whose behalf the money was received and the matter description and matter reference;

(f) particulars sufficient to identify the purpose for which the money was received;

(g) the name of, and other details clearly identifying, the controlled money account to be credited, unless the account has not been established by the time the receipt is made out;

(h) the name of the law practice, or the business name under which the law practice engages in legal practice, and the expression "controlled money receipt";