South Australian Consolidated Regulations South Australian Consolidated Regulations (1) An agent must not
make a payment of trust money in cash.
Maximum penalty: $500.
(2) When an agent
makes a payment of trust money by cheque, the agent—
(a) must
ensure that the cheque is marked with the name of the agent and
the words "Trust Account"; and
(b)
must—
(i)
cause the cheque to be crossed and endorsed "Not
negotiable"; or
(ii)
obtain from the person receiving the cheque a receipt
that complies with subregulation (3) and keep the receipt as part of the
agent's records.
Maximum penalty: $500.
(2a) When an agent
makes a payment of trust money by cheque, the agent must prepare and keep as
part of the agent's records a cheque stub or voucher containing the following
information:
(a) the
date and reference number of the cheque;
(b) the
name of the payee;
(c) the
client name or reference and brief particulars of the purpose of the payment;
(d) the
amount of the cheque.
(3) The receipt must
be legible and contain the following information:
(a) the
date and reference number of the cheque; and
(b)
particulars identifying the trust account against which the cheque is drawn;
and
(c) the
name of the payee; and
(d)
brief particulars of the purpose of the payment; and
(e) the
amount of the cheque.
(4) When an agent
authorises the payment of trust money by electronic transfer of funds, the
agent—
(a) must
prepare and keep as part of the agent's records the following information:
(i)
the date and reference number of the payment;
(ii)
the name of the payee;
(iii)
the corporation name or reference and brief particulars
of the purpose of the payment;
(iv)
the name or style of the ADI account to which the payment
is made, its number and the identifying numbers of the receiving ADI and its
branch;
(v)
the amount of the payment; and
(b)
must, on receiving official written confirmation that the payment has been
made, keep that confirmation as part of the agent's records.