Finra Exam Series-63 Topic 4 Question 3 Discussion

Actual exam question for Finra's Series-63 exam

Question #: 3
Topic #: 4

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

14 days 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

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

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