Quiz 5 :
The Payments System
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Q53 Q53 Q53
Unauthorised transactions where there is no liability to account holders include those in which a forged, expired, cancelled or faulty card or PIN was used; losses caused by negligence or fraud by employees of any party (other than the account holder) associated with the transaction; losses caused by multiple debiting of a transaction; or losses caused after the notification by an account holder of a stolen or lost card, or other electronic device.
Q63 Q63 Q63
Trades in Commonwealth Government, semi- government and private debt securities are cleared through Austraclear, foreign exchange transactions through the Continuous Linked Settlement Bank (CLS Bank) and equity trades through CHESS (Clearing House Electronic Sub- register System).