Discuss Finra Series-6 Exam Topic 10 Question 45

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.

AI and II only

BI, II, and IV only

CI and IV only

DI, II, III and IV

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.

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12 comments · newest first

Julio 12 months ago

I believe it's I, II, and IV that are correct!

Lucille 1 year ago

Wait, they can’t just tell you they’re filing a SAR? That seems off.

Cathrine 1 year ago

Only if it’s not a violation of the law, right?

Remona 1 year ago

I thought they had to inform the customer too?

Lavonda 1 year ago

The BSA definitely requires filing a SAR for suspicious activities.

Juliana 1 year 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.

Wilburn 1 year ago

I feel like option D is too broad. I don't think we have to inform the customer before filing a SAR.

Ryan 1 year ago

I think we practiced a question like this in class, and I remember that obtaining information for wire transfers is definitely a requirement.

Estrella 1 year 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?

Olga 1 year 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.

Izetta 1 year ago

Hmm, this one seems tricky. I'll have to think it through carefully.

Cecil 1 year 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.

Finra Series-6 Exam - Topic 10 Question 45 Discussion