Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

Finra Exam Series-63 Topic 4 Question 3 Discussion

Actual exam question for Finra's Series-63 exam
Question #: 3
Topic #: 4
[All Series-63 Questions]

Under the guidelines of the Bank Secrecy Act (BSA), the Treasury Department now requires broker-dealers to obtain and keep certain information relating to clients that make or receive funds transfers that involve

Show Suggested Answer Hide Answer
Suggested Answer: A

Under the guidelines of the BSA, the Treasury Department now requires broker-dealers to obtain and keep information relating to clients that make or receive funds transfers that involve $3,000 or more. If the transaction is a cash transaction over $10,000, the same rules apply, and a Currency Transaction Report must be filed with FinCEN. Under the USA Patriot Act, if the broker-dealer thinks that a transaction of $5,000 or more is suspect, the broker-dealer must file a suspicious activity report (SAR.)


by Chauncey at Mar 07, 2025, 10:09 AM

Limited Time Offer

25%

Off

Get Premium Series-63 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
Tess
2 months ago
Haha, $100,000 or more? Who do they think we are, the Rockefellers? It's gotta be $10,000 or more.
upvoted 0 times
...
Alfred
2 months ago
Hmm, I'm leaning towards option B, $10,000 or more. That sounds like the correct amount, but I could be wrong.
upvoted 0 times
Kara
29 days ago
User 3: Yeah, I also believe it's $10,000 or more.
upvoted 0 times
...
Genevive
1 months ago
User 2: I agree, that seems like the right amount.
upvoted 0 times
...
Miesha
1 months ago
User 1: I think it's option B, $10,000 or more.
upvoted 0 times
...
...
Minna
2 months ago
Wait, I thought it was $5,000 or more? I need to brush up on my BSA knowledge.
upvoted 0 times
Dorinda
1 months ago
Nakita: No, the requirement is for transactions of $10,000 or more.
upvoted 0 times
...
Nakita
2 months ago
User 2: Really? I thought it was $5,000 or more.
upvoted 0 times
...
Barrie
2 months ago
User 1: It's actually $10,000 or more.
upvoted 0 times
...
...
Mauricio
2 months ago
I see your point, Lelia, but I still think B) $10,000 or more is the correct answer.
upvoted 0 times
...
Lelia
3 months ago
I'm not sure, but I think it might be C) $5,000 or more.
upvoted 0 times
...
Muriel
3 months ago
I'm pretty sure it's $10,000 or more. That's the standard threshold for reporting under the BSA, right?
upvoted 0 times
Natalie
2 months ago
D) $100,000 or more.
upvoted 0 times
...
Tyra
2 months ago
Yes, you are correct. It is $10,000 or more.
upvoted 0 times
...
Mindy
2 months ago
B) $10,000 or more.
upvoted 0 times
...
Alesia
2 months ago
A) $3,000 or more.
upvoted 0 times
...
...
Sarah
3 months ago
I agree with Mauricio, it makes sense to have stricter regulations for larger amounts.
upvoted 0 times
...
Mauricio
3 months ago
I think the answer is B) $10,000 or more.
upvoted 0 times
...

Save Cancel