Victorian Numbered Regulations Victorian Numbered Regulations(1) An estate agent must ensure that for each payment of trust money from a trust account by electronic funds transfer, a record is kept in a permanent form of the following particulars—
(a) the date of the transfer;
(b) the amount transferred;
(c) the name of the person to whom the payment is to be made or, in the case of a payment to an AFI, the name or BSB number of the AFI and the name of the person receiving the benefit of the payment;
(d) the reference number or other particulars sufficient to identify the transfer;
(e) the name and number of the account, including the BSB number, to which the amount was transferred;
(f) the name and reference number or other identification of the person on whose behalf the transfer was made;
(g) details identifying the account in the trust ledger to which the payment is to be debited;
(h) particulars sufficient to identify the purpose for which the payment was made.
Penalty: 10 penalty units.
(2) It is sufficient compliance with the record-keeping requirements of subregulation (1) if, at the time the payment is made, the particulars set out in subregulation (1) are recorded by the computerised accounting system in the trust account cash payments journal.
(3) For the purposes of a payment under subregulation (1), an estate agent must ensure that an electronic funds transfer is made under the direction of or with the authority of—
(a) the estate agent who carries on business as an estate agent, or if the estate agent is a corporation, the officer in effective control; or
(b) if the estate agent or officer in effective control referred to in paragraph (a) is not available, an employee who is a signatory to the trust account of the estate agency business kept at an AFI under section 59(3) of the Act.
Penalty: 10 penalty units.
(4) An estate agent must ensure that records relating to payments by electronic funds transfer are kept in the order in which the transfers were made.
Penalty: 5 penalty units.