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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
Suggested Answer: A
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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.)
32 comments · newest first
DO
Donte
11 months ago
I thought it was $10,000, but I guess not!
KR
Kristin
11 months ago
Yup, BSA is strict about this.
CA
Caitlin
12 months ago
Wait, is it really just $3,000? Seems too easy.
JO
Jody
12 months ago
Totally agree, that's a low threshold!
CH
Chaya
1 year ago
It's $3,000 or more.
LE
Lelia
1 year ago
I thought it was $10,000 too, but I could be mixing it up with other reporting requirements. I should have reviewed those guidelines more closely.
FR
Freeman
1 year ago
I’m torn between $5,000 and $10,000. I feel like I’ve seen both numbers in different contexts related to the BSA.
JI
Jill
1 year ago
I practiced a question like this, and I believe it was $3,000. It seems low, but it makes sense for tracking smaller suspicious activities.
ME
Melvin
1 year ago
I think the threshold is $10,000, but I’m not entirely sure. I remember something about large transactions needing extra scrutiny.
LI
Lisbeth
1 year ago
$100,000 or more? That seems way too high, even for broker-dealers. I'm scratching my head on this one - I'll have to review my notes to see if I'm missing something about recent changes to the BSA rules.
DO
Dominque
1 year ago
Ah, I remember learning about this in my compliance class. The Treasury Department lowered the threshold for broker-dealers to $3,000 or more to align with their heightened anti-money laundering responsibilities. I feel confident that's the right answer.
ED
Edna
1 year ago
Okay, let me think this through. The question is specifically about broker-dealers, so the threshold is likely lower than the general BSA requirements. I'm going to go with $5,000 or more as my best guess.
TA
Tanja
1 year ago
Hmm, I'm a bit unsure on this one. The question mentions "funds transfers" so I'm wondering if the threshold might be lower, like $3,000 or more. I'll have to double-check the details of the BSA guidelines.
RO
Rosendo
1 year ago
I'm pretty sure the answer is $10,000 or more, since that's the typical threshold for reporting requirements under the Bank Secrecy Act.
TE
Tess
2 years ago
Haha, $100,000 or more? Who do they think we are, the Rockefellers? It's gotta be $10,000 or more.
AL
Alfred
2 years ago
Hmm, I'm leaning towards option B, $10,000 or more. That sounds like the correct amount, but I could be wrong.
KA
Kara
2 years ago
User 3: Yeah, I also believe it's $10,000 or more.
GE
Genevive
2 years ago
User 2: I agree, that seems like the right amount.
MI
Miesha
2 years ago
User 1: I think it's option B, $10,000 or more.
MI
Minna
2 years ago
Wait, I thought it was $5,000 or more? I need to brush up on my BSA knowledge.
DO
Dorinda
2 years ago
Nakita: No, the requirement is for transactions of $10,000 or more.
NA
Nakita
2 years ago
User 2: Really? I thought it was $5,000 or more.
BA
Barrie
2 years ago
User 1: It's actually $10,000 or more.
MA
Mauricio
2 years ago
I see your point, Lelia, but I still think B) $10,000 or more is the correct answer.
LE
Lelia
2 years ago
I'm not sure, but I think it might be C) $5,000 or more.
MU
Muriel
2 years ago
I'm pretty sure it's $10,000 or more. That's the standard threshold for reporting under the BSA, right?
NA
Natalie
2 years ago
D) $100,000 or more.
TY
Tyra
2 years ago
Yes, you are correct. It is $10,000 or more.
MI
Mindy
2 years ago
B) $10,000 or more.
AL
Alesia
2 years ago
A) $3,000 or more.
SA
Sarah
2 years ago
I agree with Mauricio, it makes sense to have stricter regulations for larger amounts.
MA
Mauricio
2 years ago
I think the answer is B) $10,000 or more.