The Society has released updated Electronic Funds Transfers – Guidelines for trust account operations.
In summary:
- Previously, the only type of electronic payment available to law practices was EFT to a nominated bank account, due to the requirement of s38(5) of the Regulation to record in the trust records the BSB and account number for each EFT payment.
- The Society has utilised its powers under s298 of the Act and s68 of the Regulation to provide an exemption to a law practice to record the BSB and account number for each EFT.
- Law practices that have been granted an exemption will then be able to utilise other forms of electronic payments including Bpay, PayID and PayTo.
- If a law practice wishes to be granted the exemption, it must re-apply to the Society for EFT approval, at which time the Society will grant the exemption.
- Item 3 of the Guidelines contains the new information.