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Finra Series-6 Exam - Topic 10 Question 45 Discussion

The Bank Secrecy Act (BSA) requires any financial institution to:i. file a suspicious activity report (SAR) when a possible violation of a law is suspected.ii. inform its customer that it is filing the SAR.iii. provide any customer that is suspected of engaging in an illegal transaction the opportunity to explain himself prior to filing an SAR.IV. obtain specified information on any party sending or receiving a wire transfer of $3,000 or more.
C) I and IV only
A) I and II only
B) I, II, and IV only
D) I, II, III and IV

Finra Series-6 Exam - Topic 10 Question 45 Discussion

Actual exam question for Finra's Series-6 exam
Question #: 45
Topic #: 10
[All Series-6 Questions]

The Bank Secrecy Act (BSA) requires any financial institution to:

i. file a suspicious activity report (SAR) when a possible violation of a law is suspected.

ii. inform its customer that it is filing the SAR.

iii. provide any customer that is suspected of engaging in an illegal transaction the opportunity to explain himself prior to filing an SAR.

IV. obtain specified information on any party sending or receiving a wire transfer of $3,000 or more.

Show Suggested Answer Hide Answer
Suggested Answer: C

Only Selections I and IV are accurate statements. The BSA requires any financial institution to file a suspicious activity report when a possible violation of the law is suspected, and it also requires that specified information on any party sending or receiving a wire transfer of $3,000 or more be obtained and kept. The customer remains uninformed.


by Elke at Jul 23, 2022, 07:44 PM

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Julio
10 months ago
I believe it's I, II, and IV that are correct!
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Lucille
10 months ago
Wait, they can’t just tell you they’re filing a SAR? That seems off.
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Cathrine
10 months ago
Only if it’s not a violation of the law, right?
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Remona
11 months ago
I thought they had to inform the customer too?
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Lavonda
11 months ago
The BSA definitely requires filing a SAR for suspicious activities.
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Juliana
11 months ago
I’m leaning towards option B, but I’m a bit confused about the customer notification part. It seems like it could be a gray area.
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Wilburn
11 months ago
I feel like option D is too broad. I don't think we have to inform the customer before filing a SAR.
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Ryan
11 months ago
I think we practiced a question like this in class, and I remember that obtaining information for wire transfers is definitely a requirement.
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Estrella
11 months ago
I remember that the BSA requires filing a SAR, but I'm not sure about informing the customer. Was that part of the requirements?
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Olga
11 months ago
I'm leaning towards interviews as the best tool for validating project scope. By conducting interviews with key stakeholders, you can gather their input and feedback to ensure the scope aligns with their needs and expectations. But I'm not 100% certain, so I'll have to double-check my understanding.
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Izetta
11 months ago
Hmm, this one seems tricky. I'll have to think it through carefully.
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Cecil
11 months ago
I think Mary should report the $7,000 plus some of the tuition. If I recall correctly, tuition payments might not be fully taxable, but I'm a bit confused on the percentages.
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