Registered Agents and Trustees Licensing Order, 2000 · s 23

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s 23

(1)

A licensee shall -

(a)

maintain a separate account in the licensee's records for each person for whom he is trustee or financial fiduciary and keep the property held for each such account separate from that held for other such accounts and from property that is not trust property or client property;

(b)

arrange proper protection of trust property and any other client property by way of segregation and identification of the property or otherwise, and in particular shall deposit trust money and other money that is client property in separate segregated bank accounts.

(2)

A person who fails to comply with subsection (1) shall be guilty of an offence and liable on conviction to imprisonment for a term not exceeding two years, a fine not exceeding one hundred thousand dollars or both.

Authority's powers to prescribe conditions in relation to accounting and auditing matters.