Under WA anti-money laundering obligations, what 'know your customer' requirements apply to real estate agents?
Correct Answer
B) Agents must verify the identity of their clients and report suspicious transactions under the Anti-Money Laundering and Counter-Terrorism Financing Act
Real estate agents in Australia, including WA, are designated services under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). They must verify client identity, conduct customer due diligence, maintain records, and report suspicious matters and threshold transactions to AUSTRAC.
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