Finra Series-6 Exam - Topic 10 Question 45 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 45
Topic #: 10

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

Show Suggested 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

4 months ago

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

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Lucille

4 months ago

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

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Cathrine

4 months ago

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

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Remona

4 months ago

I thought they had to inform the customer too?

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Lavonda

4 months ago

The BSA definitely requires filing a SAR for suspicious activities.

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Juliana

5 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

5 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

5 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

5 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

5 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

5 months ago

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

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Cecil

5 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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