Since February 2024, PayProp and the Property Practitioners Regulatory Authority (PPRA) have offered clients a fully defined pathway to exemption from holding their own trust accounts.
The PPRA can exempt business property practitioners from keeping their own trust accounts if they work with a duly registered payment processing agent under the Property Practitioners Act. To date, PayProp is the only duly registered payment processing agent under the Act, meaning that only rental agents who use PayProp can qualify for exemption.
The full process (explained elsewhere on the PayProp blog) begins with an eligible agency requesting an Annexure 6 letter and an Agreed Upon Procedures (AUP) letter from PayProp.
PayProp and its auditors issue Annexure 6 and AUP letters on a quarterly basis, and we are pleased to announce that we recently sent out the second batch, setting more eligible agencies on the path to trust account exemption.
So whether you’re a PayProp client who no longer wants the hassle of keeping their own trust account, or you need the trust account peace of mind that comes with being a PayProp client, what are you waiting for?
Register today to learn more about trust account exemption
Learn how you can be exempted from holding your own trust accounts. On 19 June 2024, PayProp will host a webinar with Mr. Thomas Makupo, the Audit Compliance Manager at the PPRA.
Mr. Makupo will walk you through trust account exemption as it applies to rental businesses and demystify the role of AUP letters in maintaining compliance – giving you the tools you need to navigate regulatory complexities with confidence.
Click below to register.
