Finra Exam Series-6 Topic 10 Question 78 Discussion

Actual exam question for Finra's Series-6 exam

Question #: 78
Topic #: 10

[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 Marya at May 20, 2024, 12:08 PM

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Flo

6 months ago

Ha! Trick question. Everyone knows you have to report any transaction over $5,000 to the IRS, not the Treasury Department.

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7 months ago

I think the answer is B. Any cash transaction exceeding $10,000 must be reported to the Treasury Department.

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Kenneth

6 months ago

Correct! Reporting large cash transactions helps detect and prevent money laundering activities.

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Fausto

6 months ago

What is the purpose of filing a Currency Transaction Report with the Treasury Department?

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