Should a receipt of funds record be kept when funds paid by a client are received through a financial institution?
Yes. Funds paid by a client through a bank or other financial intermediary are considered to have been received from that client. In other words, funds received from your client by means of a cheque, bank draft, wire transfer, or any other means is considered to be a receipt of funds. If the funds are in an amount of $3,000 or more, British Columbia notaries must keep a receipt of funds record and ascertain the identity of the individual conducting the transaction. If the client is a corporation or other entity, British Columbia notaries must keep additional records.
Related Questions
- What happens if the trust funds paid out to or on behalf of a client exceed the balance on the trust ledger account?
- Should a receipt of funds record be kept when funds paid by a client are received through a financial institution?
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