Victorian Current Acts Victorian Current Acts(1) An ADI at which a trust account is maintained must report any deficiency in the account to the Director as soon as practicable after becoming aware of the deficiency.
Penalty: 60 penalty units.
(2) An ADI is not required to report a deficiency under subsection (1) if—
(a) the deficiency was caused by an error of the ADI; and
(b) the deficiency is rectified within 2 business days after the ADI became aware of it.
(3) An ADI at which a trust account is maintained must report a suspected offence in relation to the trust account to the Director as soon as practicable after forming the suspicion.
Penalty: 60 penalty units.
(4) If the Director requests, an ADI must give reports to the Director about trust accounts in accordance with the regulations.
Penalty: 60 penalty units.
(5) An ADI at which a trust account is maintained must without charge—
(a) produce for inspection or copying by an approved auditor any records relating to the trust account or trust money deposited in the trust account; and
(b) provide the approved auditor with full details of any transactions relating to the trust account or trust money—
on demand by the approved auditor and on production of evidence of his or her identity and appointment or engagement in relation to the licensee concerned.
Penalty: 60 penalty units.
(6) Subsections (1), (3), (4) and (5) apply despite any duty of confidence to the contrary.
(7) An ADI or an officer or employee of an ADI is not liable to any action for any loss or damage suffered by another person as a result of—
(a) reporting a deficiency in accordance with subsection (1); or
(b) making or giving a report in accordance with subsection (3) or (4); or
(c) producing records or providing details in accordance with subsection (5).
(8) An ADI is not entitled to withdraw any money from a trust account maintained by it for a licensee or withhold any money from the trust account, in respect of any amount owed or claimed to be owed by the licensee to the ADI, other than an amount in respect of account‑keeping fees.