After January 1, 2019, any practising lawyer who has not previously operated (acted as a signatory) a trust account or has not operated a trust account in the last three (3) years, must successfully complete the Trust Account Assessment before they are permitted to be added as a signatory to a trust account.
Although not required, it is recommended that any employee of a law firm who has signing authority or other direct involvement in the operation of a trust account also complete the Trust Account Assessment for educational purposes. Please note that some firms choose to include other employees as signing authorities to facilitate two-factor authentication for electronic banking transactions. These employees are not permitted to solely effect trust account withdrawals.
Please submit this form to Request Permission to Operate a Trust Account
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If you are the Designated Lawyer, please ensure the firm has submitted the Lawyer’s Certification, emailed a copy of Form LF1 to [email protected] and [email protected], confirmed that appropriate arrangements have been made with the financial institution to direct all service charges and other banking fees associated with the trust account to the firm’s operating account, and confirmed that appropriate arrangements have been made with the financial institution to ensure the firm is provided with copies of bank statements and cashed cheques (which may include a digital image showing both the front and back of the cheque).
We encourage you to review our Trust Accounts, FAQs, and Competencies sections of our website before requesting a copy of the Trust Account Assessment. The assessment takes approximately two to three hours to complete, and we ask that the assessment be completed within one week of receiving the electronic link to the assessment. When the requirements of subregulation 4.10.3 have been met, your approval to operate a general trust account will be sent to you via email by the Trust Accounts Team.
You are not required to take the Trust Account Assessment if you have operated a trust account in the last three (3) years but you may still request a link to the assessment for your own educational purposes.
Questions? Contact [email protected].