Question: 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

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?

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

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

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

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

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