Changes to EFT guidelines
8 March 2017
On 9 February the Professional Conduct Committee of the Queensland Law Society approved amendments to the QLS Electronic Funds Transfer (EFT) Guidelines for trust account operations.
The main changes are:
- The security requirements have been clarified and the reference to the token ring removed and replaced with USB token and SMS code. The current practices of some financial institutions in respect of security measures has also been included.
- The EFT Transaction Summary Form has been renamed to QLS EFT Requisition Form and the guidelines now clarify that this is an optional form. However, the document used by the law practice must contain all the relevant information found on the QLS example.
- The Reconciliation Certificate has been removed and there is more emphasis on verifying the payment the next day as opposed to performing daily reconciliations.
- The material to be provided for the first EFT payment has been increased, which will allow the Society to ensure that the EFT payment has been recorded correctly.
- Clarity regarding the EFT reference number and bank transaction ID has been added. Their purpose, how they are to be recorded and the linkage they provide have been included.
Law practices currently approved to make EFT payments are encouraged to review the new guidelines and familiarise themselves, and any staff involved in the processing or approval of EFT payments, with the changes that have been made.
Law practice that are not approved to make EFT payments are encouraged to review the guidelines as the content has been made clearer and law practices may now feel inclined to make application and start making EFT payments.
The new EFT guidelines (version 3) can be found under Trust Accounting Resources at qls.com.au.