This week’s study question from the Solomon Online Exam Simulator question database is now available.
Question (Relevant to the Series 6, Series 24, Series 26, Series 52, Series 62, Series 79, and Series 82):
When must a Suspicious Activity Report be filed under the Bank Secrecy Act?
Answers:
A. Within 15 days of the transaction
B. Within 15 days of discovery
C. Within 30 days of the transaction
D. Within 30 days of discovery
Correct Answer: D. Within 30 days of discovery
Rationale: The Bank Secrecy Act requires that money service businesses file Suspicious Activity Reports (SARs) within 30 days of becoming aware of any suspicious transaction that is required to be reported. In the securities business, suspicious transactions are required to be reported if they involve $5,000 or more. A copy of the report must be kept for five years.
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