Approved ADIs for Trust Accounts
The term ‘ADI’ is defined in Schedule 2 of the Legal Profession Act 2007 (the Act) as an authorised deposit-taking institution within the meaning of the Banking Act 1959 (Cwlth). Pursuant to s237 of the Act, a law practice can only keep a trust account with an ADI approved by the Chief Executive of the Department of Justice & Attorney-General pursuant to s280 of the Act.
The Chief Executive of the Department of Justice & Attorney-General has approved the following ADIs:
- Australia and New Zealand Banking Group Limited (ANZ)
- Bank of Queensland Limited (BOQ)
- Bankwest (a division of Commonwealth Bank of Australia) (on 21 March 2017 BankWest requested its name be removed from the listing of Approved ADIs effective from 31 May 2017).
- Bendigo and Adelaide Bank Limited
- Commonwealth Bank of Australia (CBA)
- Macquarie Bank Limited
- National Australia Bank Limited (NAB)
- QPCU Limited T/as QBANK
- St George Bank (a division of Westpac Banking Corporation)
- Suncorp-Metway Limited (Suncorp Bank)
- Westpac Banking Corporation