Question
A property dealer receives an offer from a person to purchase a luxury apartment for Rs. 3 crores in cash with no documentation of the source. The dealer suspects the source may be illicit. Under PMLA and Know Your Customer norms, which statements are correct? Statement 1: The dealer can accept cash payment if the customer provides identification. Statement 2: The dealer must obtain information about the source of funds and document it. Statement 3: If the dealer suspects illicit source, they can report to ED without informing the customer. Statement 4: The property transaction becomes void if later found to involve proceeds of crime. Which statements are correct?
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