Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam with our practice quizzes. Study using multiple-choice questions complete with hints and explanations. Ace your exam with confidence!

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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
Protect client information at all costs

The correct answer is: 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.