A client comes into a bank and requests to make a bank deposit of $9000. Under the Proceeds of Crime and Terrorist Financing Act of 2000 what must the bank do to be compliant with legislation?

Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.

a

As the deposit is greater than $5000 the bank must report the transaction to FINTRAC.

b

As the deposit is greater than $5000 the bank must determine the "economic purpose" of the deposit.

c

As the deposit is greater than $5000 the bank must collect the names of the transacting parties.

d

As the deposit is less than $10 000 the bank is not required to report the transaction to FINTRAC.