Singapore legislation
Regulation 8
Regulation 8
Record-keeping requirements
Subregulation 1
A solicitor or Singapore law practice that pays transferred unclaimed client money into the Fund following the approval of an application made under section 70K(1) of the Act must keep records of the following for 6 years beginning on the date of the payment (called in this rule the record‑keeping period):
the file reference number of the matter to which the money relates;
the name of the solicitor in charge of the matter;
the identifying information of the client;
the date on which the money was paid to the solicitor or Singapore law practice;
the amount of the money (excluding any accrued interest) in the client account of the solicitor or Singapore law practice immediately before the transfer;
the amount deducted from the money for expenses incurred by the solicitor or Singapore law practice in attempting to return the money to the client, if any;
the amount of the money paid into the Fund;
the date on which the money was paid into the Fund;
the effort made by the solicitor or Singapore law practice to pay the money to the client.
Subregulation 2
The solicitor or Singapore law practice must produce the records mentioned in paragraph (1) to the Society, or a person authorised by the Society, upon request.
Subregulation 3
The requirements in paragraphs (1) and (2) continue to apply to the solicitor for the remainder of the record‑keeping period, even if he or she ceases to practise at any time during the record‑keeping period.
Subregulation 4
If, during the record‑keeping period, the Singapore law practice is dissolved or goes into liquidation, or has its law firm licence, limited liability law partnership licence or law corporation licence (as the case may be) revoked under section 133, 145 or 161 of the Act, the requirements in paragraphs (1) and (2) —
cease to apply to that Singapore law practice; but(b)apply to every person who is a responsible officer of that Singapore law practice immediately before the dissolution, liquidation or revocation, for the remainder of the record‑keeping period.