An agent forms a suspicion on reasonable grounds that a buyer's funds are proceeds of crime. The buyer asks, 'You're not going to report me, are you?' What should the agent do?
Correct Answer
C) Give no hint of the report and lodge the SMR within 3 business days
AUSTRAC guidance requires a suspicious matter report within 3 business days after forming the suspicion (24 hours if it relates to terrorism financing). Section 123 of the AML/CTF Act makes it an offence to disclose information, such as that an SMR has been or will be made, where that could prejudice an investigation. Telling the customer is a listed example of tipping off.
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- → A vendor has instructed her agent in writing not to pass on any offers below $850,000 (invented). Before exchange, a buyer makes a genuine written offer of $800,000. What does NSW law require of the agent?
- → At an open home, a buyer asks the selling agent whether the roof was replaced when the house was renovated. The agent does not know. What is the appropriate response?
- → A licensee in charge learns that one of the sales agents routinely leaves the estimated selling price out of agency agreements. Under Schedule 1, what is the licensee in charge's obligation?
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Previous Question
An agent asks a vendor to sign an agency agreement with the commission rate and estimated selling price left blank, saying she will fill them in once the campaign is planned. What is the position?
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An agent hands a buyer the agency’s expression of interest statement form to sign before accepting her deposit. When must the agent give the buyer a copy of the signed statement?