Victorian Current Acts Victorian Current Acts(1) A licensee must keep in permanent form trust records in relation to trust money received by the licensee.
Penalty: 60 penalty units.
(2) The licensee must keep the trust records—
(a) in accordance with the regulations; and
(b) in a way that at all times discloses the true position in relation to trust money received for or on behalf of any person; and
(c) in a way that enables the trust records to be conveniently and properly investigated or audited; and
(d) for a period of 6 years, or the period determined in accordance with the regulations.
Penalty: 60 penalty units.