Finra Exam Series-6 Topic 10 Question 45 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 45
Topic #: 10

The Bank Secrecy Act (BSA) requires any financial institution to:

i. file a suspicious activity report (SAR) when a possible violation of a law is suspected.

ii. inform its customer that it is filing the SAR.

iii. provide any customer that is suspected of engaging in an illegal transaction the opportunity to explain himself prior to filing an SAR.

IV. obtain specified information on any party sending or receiving a wire transfer of $3,000 or more.

AI and II only

BI, II, and IV only

CI and IV only

DI, II, III and IV

Show Suggested Answer

Suggested Answer: C

Only Selections I and IV are accurate statements. The BSA requires any financial institution to file a suspicious activity report when a possible violation of the law is suspected, and it also requires that specified information on any party sending or receiving a wire transfer of $3,000 or more be obtained and kept. The customer remains uninformed.

by Elke at Jul 23, 2022, 08:44 PM

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Estrella

3 days ago

I remember that the BSA requires filing a SAR, but I'm not sure about informing the customer. Was that part of the requirements?

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Cecil

11 days ago

I think Mary should report the $7,000 plus some of the tuition. If I recall correctly, tuition payments might not be fully taxable, but I'm a bit confused on the percentages.

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Izetta

18 days ago

Hmm, this one seems tricky. I'll have to think it through carefully.

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Olga

18 days ago

I'm leaning towards interviews as the best tool for validating project scope. By conducting interviews with key stakeholders, you can gather their input and feedback to ensure the scope aligns with their needs and expectations. But I'm not 100% certain, so I'll have to double-check my understanding.

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