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Finra Exam Series-6 Topic 10 Question 45 Discussion
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.
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.
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