New UIN registration requirements
Property agents’ responsibilities have changed. Under the Property, Stock and Business Agents Regulation 2014 (NSW), all property agents looking after general trust accounts are required to obtain a Unique Identifying Number.
You must provide this UIN to the authorised deposit-taking institution (bank) to open the account.
New general trust accounts
From 1 January 2015, all licensees opening a trust account must apply for a Unique Identifying Number first and then present this number to Authorised Deposit-Taking Institution to open the account.
If you already have an existing General Account you should have a UIN no later than June 30, 2015 and this will be presented to the Authorised Deposit-Taking institution to register your account.
How to get your unique identifying number (UIN)
- Click this link to go to the account registration page.
- Provide your Real Estate Licence Number and your email address.
- You will then receive an email from NSW Fair Trading with the necessary form(s) to notify the Authorised Deposit-Taking institution in writing that a new or existing general trust account has been registered, and a unique identifying number issued, as well as the next step in the process.
If you have more than one account you need to repeat the steps for each account.