Finra Series-63 Exam - 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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Donte

6 months ago

I thought it was $10,000, but I guess not!

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Kristin

6 months ago

Yup, BSA is strict about this.

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Caitlin

6 months ago

Wait, is it really just $3,000? Seems too easy.

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Jody

7 months ago

Totally agree, that's a low threshold!

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Chaya

7 months ago

It's $3,000 or more.

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Lelia

7 months 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.

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Freeman

7 months 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.

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Jill

7 months 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.

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Melvin

7 months ago

I think the threshold is $10,000, but I’m not entirely sure. I remember something about large transactions needing extra scrutiny.

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Lisbeth

7 months 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.

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Dominque

7 months 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.

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Edna

7 months 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.

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Tanja

7 months 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.

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