New South Wales Consolidated Regulations

LEGAL PROFESSION UNIFORM GENERAL RULES 2015 - REG 64

64 Register of controlled money

(1) If a law practice receives controlled money, it must maintain a register of controlled money for the records of controlled money movements for all its controlled money accounts.

(2) A separate record of controlled money movements must be maintained for each controlled money account.

(3) A record of controlled money movements for a controlled money account must record the following information--

(a) the name of the person on whose behalf the controlled money is held,

(b) the person's address,

(c) particulars sufficient to identify the matter,

(d) any changes to the information referred to in paragraphs (a)-(c).

(4) The following particulars must be recorded in a record of controlled money movements for a controlled money account--

(a) the date the controlled money was received,

(b) the number of the receipt,

(c) the date the money was deposited in the controlled money account,

(d) the name of and other details clearly identifying the controlled money account,

(e) the amount of controlled money deposited,

(f) details of the deposit sufficient to identify the deposit,

(g) interest received,

(h) details of any payments from the controlled money account, including the particulars required to be recorded under rule 63(5).

(5) Subject to subrule (6), particulars of receipts and payments must be entered in the register as soon as practicable after the controlled money is received by the law practice or any payment is made.

(6) Interest and other income received in respect of controlled money must be entered in the register as soon as practicable after the law practice is notified of its receipt.

(7) The law practice must keep as part of its trust records all supporting information (including ADI statements and notifications of interest received) relating to controlled money.

(8) Within 15 working days after each named month, the law practice must prepare and keep in permanent form a statement as at the end of the named month--

(a) containing a list of the practice's controlled money accounts showing--

(i) the name, number and balance of each account in the register, and

(ii) the name of the person on whose behalf the controlled money in each account was held, and

(iii) a short description of the matter to which each account relates, and

(b) showing the date the statement was prepared.

(9) The statement required to be prepared each month under subrule (8) must be reviewed by a principal of the law practice who is authorised to receive trust money and that review must be evidenced on the statement.