154Reporting irregularities and suspected irregularities

154 Reporting irregularities and suspected irregularities

154 Reporting irregularities and suspected irregularities

(1) As soon as practicable after—

(a) a legal practitioner associate of a law practice; or

(b) an ADI; or

(c) an external examiner; or

(d) another entity of a kind specified in the Uniform Rules for the purposes of this section—

becomes aware that there is an irregularity in any of the law practice’s trust accounts or trust ledger accounts, the associate, ADI, examiner or entity must give written notice of the irregularity to the designated local regulatory authority.

Civil penalty—

for a corporation—250 penalty units;

for an individual—50 penalty units.

(2) If an Australian legal practitioner believes on reasonable grounds that there is an irregularity in connection with the receipt, recording or disbursement of any trust money received by a law practice of which the practitioner is not a legal practitioner associate, the practitioner must, as soon as practicable after forming the belief, give written notice of it to the designated local regulatory authority.

Civil penalty: 50 penalty units.

Note

Section 466 contains provisions relating to compliance with this section.