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Quiz: Suspicious Matter Reporting
Answer all 10 questions. You need at least 80% to pass.
1
What is the timeframe for submitting an SMR for terrorism financing?
Immediately
24 hours
3 business days
7 days
2
What is the timeframe for submitting an SMR for money laundering?
24 hours
3 business days
7 days
30 days
3
What is the tipping off offence?
Filing false SMRs
Telling someone you filed an SMR
Not filing an SMR
Filing too many SMRs
4
A client wants to pay $500,000 in cash. What should you do?
Accept — cash is legal tender
Refuse and file an SMR
Accept but ask them to pay in smaller amounts
Only accept if they have ID
5
What is the threshold for a TTR (Threshold Transaction Report)?
$5,000
$10,000
$50,000
$100,000
6
Can you be sued for filing an SMR in good faith?
Yes, if you are wrong
No, you have legal protection
Only if the customer complains
Yes, unless AUSTRAC approves it first
7
Which is a red flag?
Customer wants a proper inspection
Customer is unconcerned about price and rushes the transaction
Customer negotiates the price
Customer uses a solicitor
8
What is 'structuring' a transaction?
Using a solicitor
Splitting payments to avoid reporting thresholds
Paying by bank transfer
Using a mortgage
9
Who can you discuss an SMR with?
The customer
Anyone in your office
Your compliance officer or legal advisor
No one
10
What level of proof do you need to file an SMR?
Beyond reasonable doubt
Concrete evidence
Suspicion on reasonable grounds
Proof the crime occurred
0/10 questions answered
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