Question

Dealing Reps obligations under PCMLTFA:

a) Reporting suspicious transactions
b) Handling customer inquiries
c) Ensuring workplace safety
d) Managing inventory control

Answer 1

Dealing reps under PCMLTFA are required to report suspicious transactions, which is a critical measure to prevent money laundering and terrorist financing. Other responsibilities mentioned do not fall under the PCMLTFA.

Step-by-step explanation:

The obligations of dealing representatives under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) primarily involve measures to prevent money laundering and the financing of terrorist activities. Dealing representatives are required to fulfill certain responsibilities that include:

• Reporting suspicious transactions: It is mandatory for financial institutions and their representatives to report transactions that they suspect may be related to money laundering or terrorist financing to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
• Handling customer inquiries: While this is important, it is not specified under PCMLTFA regulations but is rather a general customer service responsibility.
• Ensuring workplace safety: This is under the jurisdiction of occupational health and safety legislation and not directly related to PCMLTFA.
• Managing inventory control: This pertains to the internal controls of a business to manage assets and is separate from PCMLTFA requirements.

Among these, reporting suspicious transactions is a key responsibility directly associated with the regulations under the PCMLTFA to prevent illegal financial activities.