Ace the Humber/Ontario Real Estate Course 3 Exam 2025 – Your Ultimate Path to Property Success!

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Question: 1 / 1165

Which of the following is a duty of financial institutions under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act?

Conduct internal investigations of money laundering

Provide training on anti-money laundering techniques

Report suspicious transactions to authorities

Financial institutions have a duty to report any suspicious transactions to the authorities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This reporting is crucial in combating money laundering and terrorist financing activities. By reporting suspicious transactions, financial institutions are helping to prevent criminal activities and protect the integrity of the financial system. Conducting internal investigations and providing training on anti-money laundering techniques are important measures that financial institutions can take to prevent money laundering, but the primary duty under the Act is to report any suspicious transactions to the authorities. Protecting client information is also important, but it is not specifically outlined as a duty under this Act.

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Protect client information at all costs

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