Complying with your Trust Account Obligations as a Credit Licensee

• contact details (name, telephone, email address and postal address);
• credit licence number;
• financial year;
• trust account name;
• name of Australian ADI with whom the trust account is maintained;
• trust account balance as at the financial year end;
• list of all persons that money is held on trust for;
• total amount of money deposited into the trust account during the financial year;
• total number of persons that you held trust money for during the financial year;
• total number of persons that received trust money during the financial year; and
• dormant balances (for at least 6 months).

Upon completion of Part 1, the Form CL70 should be provided to the licensee’s auditor who will prepare the Form CL71. The trust account audit report must include a statement regarding the following matters:

• whether the trust account has been kept regularly and properly maintained;
• whether the auditor has received all records, information and explanations;
• whether the trust account provides a true and fair view of the transactions recorded; and
• any other matter in relation to the trust accounts which should be communicated to ASIC.

Part 2 of the Form CL70 can then be prepared upon receiving the completed Form CL71 from the auditor.

There are no fees associated with lodgement of the audit forms.