(1)  A law practice must in accordance with the regulations notify the prescribed authority of the details required by the regulations of each account maintained at an ADI in which the law practice or any legal practitioner associate of the law practice holds money entrusted to the practice or legal practitioner associate.

Penalty:  Fine not exceeding 50 penalty units.

(2)  Subsection (1) applies whether or not the money is trust money and whether or not section 232 (Money involved in financial services or investments) or section 233 (Determinations about status of money) applies to the money.