Question

An indicator of unusual customer transaction or activity is called

Answer 1

Answer:

a suspicious transaction is the correct answer

Explanation:

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Answer 2

Suspicious transactions are known to be illegal transactions done by the customer.

• Any transaction done by the customer without any legal proof or found to be against the law of the country is known as Suspicious transactions.
• In India, these types of transactions are governed by different authorities. Banks play a major role in reporting to the government on these types of transactions.
• The Enforcement Directorate (ED) would look after these types of illegal transactions in the country. They investigate the methods by which the amount is generated and penalise the offenders of such transactions.
• Prevention of Money Laundering Activities (PMLA) was introduced in 2002 to prevent illegal monetary transactions and to regularise the investments made by the individual.

Therefore, it is the duty of a citizen to abide by the rule of the land. We shall ensure that we pay all the necessary taxes and try to be responsible citizens.