14Payments by electronic funds transfer

14 Payments by electronic funds transfer

A property agent who makes a payment of trust money by electronic funds transfer must ensure that –

(a) a written authority authorising the payment has been given by the person on whose behalf the payment has been made; and

(b) the transfer is authorised by –

(i) the person in charge of the business premises at which the payment is made; or

(ii) a person acting for or on behalf of the person in charge of those business premises with the approval of the person in charge.