Which of the Following Statements Is Not True in Relation

question 12

Multiple Choice

Which of the following statements is not true in relation to suspect transactions under the Anti Money Laundering and Counter- Terrorism Financing Act?

• A)Employees or representatives of a Reporting Entity who fail to report a suspicious transaction could face fines or imprisonment.
• B)A Reporting Entity may be obliged to report a person although it has no contractual or business relationship with that person.
• C)A trigger for a suspect transaction is that a customer of an RE is not who they claim to be.
• D)The RE must continue to provide services to a customer after reporting the transaction to avoid alerting the customer to any investigation by AUSTRAC.

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Definitions:

Animal

A living organism that feeds on organic matter, typically having specialized sense organs and nervous system, and capable of voluntary movement.

Genus

A term in classification denoting a category of organisms sharing common characteristics, ranking above species and below family.

Furniture

Objects used to make a room or building suitable for living or working in, such as chairs, tables, and beds.

Tables

Pieces of furniture consisting of a flat top supported by one or more legs, used for various activities like eating, writing, or working.