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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

A$3,000 or more.

B$10,000 or more.

C$5,000 or more.

D$100,000 or more.

Show Suggested 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

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Tess

4 months ago

Haha, $100,000 or more? Who do they think we are, the Rockefellers? It's gotta be $10,000 or more.

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Alfred

4 months ago

Hmm, I'm leaning towards option B, $10,000 or more. That sounds like the correct amount, but I could be wrong.

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Kara

2 months ago

User 3: Yeah, I also believe it's $10,000 or more.

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Genevive

3 months ago

User 2: I agree, that seems like the right amount.

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Miesha

3 months ago

User 1: I think it's option B, $10,000 or more.

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Minna

4 months ago

Wait, I thought it was $5,000 or more? I need to brush up on my BSA knowledge.

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Dorinda

3 months ago

Nakita: No, the requirement is for transactions of $10,000 or more.

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Nakita

3 months ago

User 2: Really? I thought it was $5,000 or more.

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Barrie

4 months ago

User 1: It's actually $10,000 or more.

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Mauricio

4 months ago

I see your point, Lelia, but I still think B) $10,000 or more is the correct answer.

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Lelia

4 months ago

I'm not sure, but I think it might be C) $5,000 or more.

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Muriel

4 months ago

I'm pretty sure it's $10,000 or more. That's the standard threshold for reporting under the BSA, right?

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Natalie

3 months ago

D) $100,000 or more.

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Tyra

3 months ago

Yes, you are correct. It is $10,000 or more.

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Mindy

3 months ago

B) $10,000 or more.

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Alesia

3 months ago

A) $3,000 or more.

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Sarah

4 months ago

I agree with Mauricio, it makes sense to have stricter regulations for larger amounts.

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Mauricio

5 months ago

I think the answer is B) $10,000 or more.

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