Trust account supervisors reminded of annual reporting requirements
The New Zealand Law Society is reminding law firm trust account supervisors of the requirements for their annual reporting process, for both trust and interest bearing deposits.
Most law firms will be sending clients their RWT certificates in April.
Under regulation 12(7) of the Lawyers and Conveyancers Act (Trust Account) Regulations 2008, each practice provide to each client for whom trust money is held a complete and understandable statement of all trust money handled for the client, all transactions in the client's account, and the balance of the client's account, in respect of ongoing investment transactions and all transactions that are not completed within 12 months.
This must be done at intervals of not more than 12 months.
Last updated on the 10th March 2016