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.
Correct Answer:
Verified
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