The authorised deposit-taking institution lodges its monthly returns using this unique identifying number. Licensees can use NSW OneGov to apply for a unique identifying number and obtain the necessary form(s) to notify their authorised deposit-taking institution. If the trust account is held by a corporation, the trust account must be registered using the corporation's licence number. If a business maintains multiple trust accounts, each account will need to be registered separately. Under the Property and Stock Agents Regulation 2014, a licensee who opens a trust account must provide the authorised deposit-taking institution (bank) with a unique identifying number given by NSW Fair Trading.Įach trust account must have a unique identifying number. Unique identifying numbers for general trust accounts the words 'Trust Account' must also be included in the name of the trust account and all cheques drawn on the trust account.the name of the licensee, firm or corporation needs to appear as a prefix of the account name, followed by any other necessary identifier of the trust account.if not, the trust account must be in the name of the licensee or the firm.if the trust account is held by a corporation, the account must be in the name of the corporation.licensees need to notify the authorised deposit-taking institution in writing that the account is a ‘trust account’ required by the Act.When opening a trust account, these requirements apply: Requirements when opening a trust account Newcastle Permanent Building Society Ltd.Maitland Mutual Limited Trading as The Mutual Bank.BCU a Division of Police & Nurses Limited.Australia and New Zealand Banking Group Limited (ANZ).The Secretary has approved the following deposit-taking institutions: Trust accounts must be kept at an authorised deposit-taking institution in NSW. LICs should be aware that if they allow another person to withdraw funds from the trust account on their behalf, they may still be held liable for any breach or defalcation. There can also only be one LIC who is able to authorise withdrawals for a trust account.Īn LIC will be unable to delegate their authority to another person. This means that LICs are responsible for reviewing and approving all transactions for the trust account before they occur, including electronic fund transfers and payment of trust money by cheque. Only a licensee in charge (LIC) of a business may authorise trust account withdrawals from a trust account. Licensees in charge to authorise trust account withdrawals ‘General’ trust accounts should not be confused with ‘Separate’ trust accounts opened on behalf of vendor/purchaser or strata plans or established by the owners corporation of a strata scheme as required under the Strata Schemes Management Act 2015. Those funds cannot be used for any purpose other than for that client and must be disbursed as the client directs. Licensees under the Property and Stock Agents Act 2002 (the Act) must hold clients’ funds in a trust account. Listen Payment of trust money into a trust account