1
Trust Account Law & Digital Compliance
- Purpose of trust accounts
- Legislative requirements
- Opening trust accounts
- Operating trust accounts
- Closing trust accounts
- Digital recordkeeping
- Regulator audit focus areas
- Common breaches and penalties
This course is approved by the Property Agents Board of Tasmania
CPD ACTIVITY – EP8213
Trust Account Risk, Fraud Prevention & Financial Compliance
Protect Client Funds. Reduce Risk. Strengthen Compliance.
A comprehensive, compliance-focused CPD activity designed to strengthen real estate professionals' understanding of trust account obligations, fraud prevention, internal controls, reconciliations and financial governance.
4 Hours
Total Learning
Total Learning
4 CPD
Points
Points
4 Video
Modules
Modules
Assessment &
Practical Task
Practical Task
Understand Your Obligations
Strengthen your knowledge of trust account and financial compliance requirements.
Prevent Fraud
Recognise internal, external and cyber fraud risks before losses occur.
Improve Financial Controls
Apply effective controls, reconciliations and recordkeeping practices.
Prepare for Audit
Maintain reliable documentation, evidence and financial audit trails.
About This CPD Activity
Financial Compliance is Fundamental to Professional Real Estate Practice
Trust accounts involve money held on behalf of other parties and require careful financial management, accurate records and appropriate internal controls.
This CPD activity strengthens participants' understanding of trust account requirements, fraud prevention, reconciliations, financial governance and risk management.
Realistic case studies, digital demonstrations and practical scenarios help participants apply compliance principles to situations they may encounter in everyday agency operations.
The course also examines emerging risks including payment diversion scams, cyber fraud, access control failures and weaknesses in digital financial processes.
ENROL NOW →Course Content
Four Structured Learning Modules
2
Fraud Prevention & Internal Controls
- Internal fraud
- External fraud
- Cyber fraud risks
- Payment diversion scams
- Red flags and warning signs
- Segregation of duties
- Password and access controls
- Agency failure case studies
3
Reconciliations & Reporting
- Daily reconciliation requirements
- Monthly reconciliations
- Annual audit requirements
- Common reconciliation errors
- Error detection
- Error correction
- Digital reconciliation tools
- Maintaining financial evidence
4
Governance & Risk Management
- Governance frameworks
- Risk registers
- Staff supervision
- Documentation requirements
- Maintaining audit trails
- Reporting obligations
- Financial risk management
- Building a compliance culture
High-Risk Financial Environment
Can You Recognise Fraud Before Money is Lost?
Real estate agencies increasingly operate within a digital financial environment. Email compromise, payment diversion, fraudulent account changes, inappropriate system access and weak internal controls can expose agencies and consumers to significant financial risk.
Participants learn to identify warning signs and apply practical controls designed to reduce opportunities for fraud and financial error.
Know the Warning Signs
✓ Unexpected bank detail changes
✓ Unusual payment instructions
✓ Shared passwords or logins
✓ Unexplained reconciliation differences
✓ Missing financial documentation
✓ Inadequate segregation of duties
Learning Outcomes
Knowledge, Skills & Professional Behaviours
Knowledge
- Explain trust account legislative requirements and regulator expectations
- Identify common trust account breaches and how to avoid them
- Understand internal, external and cyber fraud risks
Skills
- Conduct compliant daily, monthly and annual reconciliations
- Implement internal controls to reduce fraud and error
- Prepare appropriate documentation for audits and investigations
Professional Behaviours
- Maintain accurate and timely financial records
- Apply ethical decision-making to financial processes
- Adopt a risk-aware mindset in agency operations
Practical Compliance Activity
Can You Find the Reconciliation Errors?
Participants examine a sample trust account reconciliation containing deliberately inserted errors and inconsistencies.
The exercise requires participants to apply the principles covered throughout the course to identify potential problems, investigate discrepancies and determine appropriate corrective action.
Practical Reconciliation Task
✓ Review a sample reconciliation
✓ Identify errors and discrepancies
✓ Determine potential causes
✓ Identify appropriate corrective action
✓ Consider documentation requirements
Assessment
Demonstrate Your Understanding
Participants complete a structured assessment covering knowledge, practical application and financial compliance scenarios.
Knowledge Assessment
10–15 multiple-choice questions covering the key concepts addressed throughout the four modules.
Scenario Questions
2–3 scenario-based questions requiring participants to apply compliance principles to realistic situations.
Practical Task
Identify errors and discrepancies within a sample trust account reconciliation.
Passing Requirement: 80%
Participants who do not achieve the required result may retake the assessment.
Participants who do not achieve the required result may retake the assessment.
Industry-Relevant Professional Development
Supporting Stronger Financial Governance
Protect Client Funds
Strengthen understanding of financial controls and processes designed to safeguard money held on behalf of clients and other parties.
Reduce Agency Risk
Recognise weaknesses, fraud indicators and control failures that can expose an agency to financial loss and compliance risk.
Strengthen Professional Standards
Develop accurate recordkeeping, ethical financial practices and a risk-aware approach to agency operations.
Professional Development
Strengthen Your Trust Account & Financial Compliance Knowledge
Build stronger financial controls, recognise fraud risks and improve compliance practices within your agency.
4 Hours | 4 CPD Points | Online Self-Paced
