New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 19

19 Provision of unique identifying number when opening or maintaining a trust account

(1) On and from 1 January 2015, a licensee who opens a trust account in accordance with section 86 (4) of the Act must provide the authorised deposit-taking institution, at the time of making the application to open the account, with a unique identifying number obtained from the Department.

: Maximum penalty--

(a) 40 penalty units in the case of a corporation, or

(b) 20 penalty units in any other case.

(2) A licensee who maintains a trust account that was opened on or before 31 December 2014 in accordance with section 86 (4) of the Act must, before 1 July 2015, provide the authorised deposit-taking institution with a unique identifying number obtained from the Department.

: Maximum penalty--

(a) 40 penalty units in the case of a corporation, or

(b) 20 penalty units in any other case.

(3) The authorised deposit-taking institution must use this unique identifying number when it lodges its monthly returns in accordance with section 91 (1), (2) and (3) of the Act.