50Duty in relation to client’s money

50 Duty in relation to client’s money

(1) A responsible migration agent in relation to a service agreement must ensure that the following requirements are complied with in relation to client money in relation to the agreement that is received by the agent or by a member of the agent’s business: (a) client money must be paid into an account with a financial institution; (b) amounts other than client money must not be paid into that account; (c) without limiting paragraph (b), interest on the account must not be paid into the account; (d) an amount must not be paid out of the account other than: (i) to pay the agent or the agent’s business (but not if, under section 313 of the Act, a migration agent is not entitled to be paid the amount); or (ii) to pay amounts required to be paid to the Department or a review authority; or (iii) to pay disbursements in accordance with the agreement; or (iv) to refund client money to a client; or (v) to refund client money by transferring amounts to other registered migration agents, or to members of the businesses of other registered migration agents, at the instruction of a client;

Note: Under section 313 of the Act, a registered migration agent is not entitled to be paid a fee or other reward for giving immigration assistance unless the agent gives the assisted person a statement of services that sets out particulars of each service performed and the charge made in respect of each service.

(e) without limiting paragraph (d), an amount must not be paid out of the account to pay fees or costs associated with opening or maintaining the account;
(f) the total amount paid out of the account for a particular purpose must not exceed the total amount paid into the account for that purpose.

(2) A migration agent must, if requested by the Authority, demonstrate to the Authority that this section is being complied with.