Victorian Numbered Regulations Victorian Numbered Regulations(1) This regulation applies to the withdrawal of trust money from a general trust account by electronic funds transfer.
(2) An electronic funds transfer must be under the direction of, or with the authority of—
(a) a licensee; or
(b) if the licensee is not available, an authorised employee of the licensee.
(3) The licensee must keep a paper record of the required particulars of each payment, unless those particulars are recorded by a computerised accounting system in the trust account payments cash book at the time the transfer is effected.
(4) For the purposes of subregulation (3), the required particulars are as follows—
(a) the date and number of the transaction;
(b) the amount transferred;
(c) the name and number of the account to which the amount was transferred and the relevant BSB number;
(d) the name of the person to whom the payment was made or, if the payment is to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
(e) the name of the person on whose behalf the payment was made and the matter reference;
(f) the ledger account to be debited;
(g) the purpose for which the payment was made.
(5) The licensee must keep records relating to payments by electronic funds transfer (including transfer requisitions) in the order in which the transfers were effected.