Finra Exam Series-6 Topic 4 Question 81 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 81
Topic #: 4

[All Series-6 Questions]

A broker-dealer is required to file a Currency Transaction Report with the Treasury Department for:

Aany transaction exceeding $10,000 in value.

Bany cash transaction exceeding $10,000.

Cany cash transaction exceeding $3,000.

Dany transaction exceeding $5,000.

Show Suggested Answer

Suggested Answer: B

A broker dealer is required to file a Currency Transaction Report with the Treasury Department for any cash transaction exceeding $10,000. The report does not need to be filed if the transaction simply has a market value of $10,000, but does not involve cash (aka, currency.)

by Johnna at Jul 01, 2024, 12:05 PM

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Leonora

5 months ago

Clearly it's B. I mean, who has time to file a report for every $5,000 transaction?

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Candida

4 months ago

B is the correct answer, it's a way to prevent money laundering and other illegal activities.

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Destiny

4 months ago

I think it's important to follow the regulations and report any cash transaction exceeding $10,000.

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Felix

4 months ago

Yeah, it would be too much paperwork to report every $5,000 transaction.

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Trina

5 months ago

I agree, it's definitely B. $10,000 is the threshold for reporting.

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Fidelia

5 months ago

I believe it's B) any cash transaction exceeding $10,000, as cash transactions are usually the focus for reporting.

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Peggie

5 months ago

I'm not sure, but I think it's A) any transaction exceeding $10,000 in value.

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Antonio

5 months ago

I agree with Dan, because that's the threshold set by the Treasury Department.

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Avery

5 months ago

Hah, I bet the broker-dealer wishes they could just ignore anything under $100,000. What a hassle!

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Heidy

3 months ago

Lauran: True, better safe than sorry.

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Lauran

4 months ago

Yeah, but it's necessary to prevent money laundering and other illegal activities.

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Danica

4 months ago

I know, it must be a lot of paperwork to file those reports.

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Carolann

4 months ago

C) any cash transaction exceeding $3,000.

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Keshia

4 months ago

B) any cash transaction exceeding $10,000.

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Mirta

5 months ago

A) any transaction exceeding $10,000 in value.

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Dianne

6 months ago

I'm going with C. $3,000 seems like a more reasonable threshold for reporting.

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Enola

5 months ago

I agree with you, B is the correct answer. It's any cash transaction exceeding $10,000.

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Jackie

5 months ago

I think it's actually B. The threshold is $10,000 for reporting.

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Dan

6 months ago

I think the answer is B) any cash transaction exceeding $10,000.

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Thea

6 months ago

Definitely B. Gotta keep an eye on those big cash transactions, am I right?

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Lawana

6 months ago

I think the correct answer is B. The broker-dealer is required to file a Currency Transaction Report for any cash transaction exceeding $10,000.

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Percy

5 months ago

B: That makes sense, thanks for clarifying!

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Laila

6 months ago

A: I agree, the correct answer is B. It's for any cash transaction exceeding $10,000.

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