Opening and closing a conveyancer's trust account

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Important note: You must use our myCAV online system to manage your conveyancer trust accounts.

To start using myCAV, you will need to create your own myCAV account, using a personal email address to verify your identity and sign in to your account. If you already have a myCAV account, sign in to your account to manage your trust accounts.

For more information, view our About myCAV page.

Opening trust and controlled money accounts

A trust account name must include:

  • your licensee name
  • the words ‘conveyancing business trust account’ or ‘conveyancing business trust a/c’.

A controlled money account name must include:

  • your licensee name
  • the words ‘controlled money account’ or ‘CMA/c’
  • the purpose of the account
  • details to distinguish it from other accounts.

All accounts must be opened with an Approved Deposit-taking Institution (‘ADI’) in Victoria.

ADIs are normally banks, credit unions or other financial institutions who have signed agreements with Consumer Affairs Victoria to handle trust money.

The approved ADIs in Victoria are:

  • Bank of Melbourne
  • Australia and New Zealand Banking Group Limited
  • Bendigo and Adelaide Bank Limited
  • Commonwealth Bank of Australia Limited
  • National Australia Bank Limited
  • Westpac Banking Corporation Limited.

You must advise the ADI to open the trust account in accordance with section 66 of the Conveyancers Act 2006, with all interest paid to the Victorian Property Fund.

Notifying of new trust accounts

After establishing your trust account, you must notify us within 14 days via myCAV.

Create or sign-in to your myCAV account

Keeping trust records

You must prepare and keep:

  • copies of all receipts
  • copies of all trust deposit records
  • a trust ledger account for each client with separate entries for each transaction recorded as soon as practicable after the transaction. The ledger account title must include the client’s name, address and details to identify the matter
  • a trust account receipts cash book recording all receipts
  • a trust account payments cash book recording all payments
  • records of all trust money payments: paper copy records of all cheques issued and all electronic funds transfer (EFT) transactions
  • a register of controlled money, if any is received
  • receipts for all transit money
  • a trust account transfer journal
  • trust account reconciliation statements.

Closing a trust account

If a trust account is closed, you must notify us within 14 days via myCAV.

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