Queensland Consolidated Regulations

LEGAL PROFESSION REGULATION 2017 - REG 38

38 Payment by electronic funds transfer

(1) This section applies to the withdrawal of trust money from a general trust account of a law practice by electronic funds transfer.

(2) An electronic funds transfer must be effected by, under the direction of or with the authority of—

(a) an authorised principal of the law practice; or

(b) if a principal mentioned in paragraph (a) is not available—

(i) an authorised legal practitioner associate; or

(ii) an authorised Australian legal practitioner who holds an unrestricted practising certificate authorising the receipt of trust money; or

(iii) 2 or more authorised associates jointly.

(3) A written record of the required particulars must be kept of each payment unless at the time the electronic funds transfer is effected those particulars are recorded by computer program in the trust account payments cash book.

(4) If at the time the electronic funds transfer is effected the required particulars are recorded by computer program in the trust account payments cash book, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified.

(5) For subsections (3) and (4) , the following particulars are
"required particulars" —

(a) the date and number of the transaction;

(b) the amount transferred;

(c) the name and number of the account to which the amount was transferred and relevant BSB number;

(d) the name of the person to whom the payment was made or, for a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;

(e) details clearly identifying the name of the person on whose behalf the payment was made and the matter reference;

(f) details clearly identifying the ledger account to be debited;

(g) particulars sufficient to identify the purpose for which the payment was made.

(6) Written records relating to payments by electronic funds transfer, including transfer requisitions, must be kept in the order in which the transfers were effected.

(7) In this section—

"authorised" means authorised by the law practice to effect, direct or give authority for an electronic funds transfer from the general trust account.