147Keeping trust records

147 Keeping trust records

147 Keeping trust records

(1) A law practice must keep in permanent form trust records in relation to trust money received by the law practice.

Civil penalty: 50 penalty units.

(2) The law practice must keep the trust records—

(a) in accordance with the Uniform Rules; and

(b) in a way that at all times discloses the true position in relation to trust money received for or on behalf of any person; and

(c) in a way that enables the trust records to be conveniently and properly investigated or externally examined; and

(d) for a period of 7 years after the last transaction entry in the trust record, or the finalisation of the matter to which the trust record relates, whichever is the later.

Civil penalty: 50 penalty units.

(3) A law practice must not knowingly receive money or record receipt of money in the law practice’s trust records under a false name.

Civil penalty: 100 penalty units.

(4) If a law practice is aware that a person on whose behalf trust money is received by the law practice is commonly known by more than one name, the law practice must ensure that the law practice’s trust records record all names by which the person is known.

Penalty: 50 penalty units.

(5) In this section, a reference (however expressed) to keeping trust records includes a reference to making and keeping backup copies of trust records.