A buyer approaches an agent with a suitcase containing $50,000 cash for a property deposit. What AML/CTF obligations does this trigger?
Correct Answer
C) A threshold transaction report and customer due diligence on the buyer
A cash deposit of $50,000 is above the $10,000 threshold, so the reporting entity must lodge a threshold transaction report with AUSTRAC. It must also carry out customer due diligence on the buyer, verifying identity and understanding the source of the funds. A suspicious matter report is required only if the circumstances give reasonable grounds for suspicion.
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An agency that is a reporting entity under the AML/CTF Act accepts $15,000 in cash from a buyer as part of a deposit. What must it do?
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