The
New Zealand Law Society has released a checklist for practices considering opening a trust account in its latest practice briefing.
Providing guidance and information on best practices, the briefing guides barristers and solicitors practicing on their own account. It reminds lawyers about what they need to consider, like trust accounting records, bank paperwork and records, reconciliation, interest-bearing deposits, controlled accounts, and more.
The briefing, which does not constitute legal advice, also reminds lawyers about what they need to regularly report to the Law Society and to their clients. It also details best practices related to information technology, client care and services information, and
the AML/CFT Act.
The Law Society’s latest briefing can be found
here.
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