This week’s study question from the Solomon Online Exam Simulator question database is now available.
Question (Relevant to the Series 6, Series 7, Series 24, Series 26, Series 52, Series 53, Series 66, Series 79, and Series 99):
Which of the following are correct dollar minimums for the Bank Secrecy Act’s requirements for broker-dealers?
I. $3,000 or more received or transmitted must be recorded in a monetary instrument log (MIL)
II. $5,000 or more received or transmitted must be recorded in a monetary instrument log (MIL)
III. Cash transaction of $5,000 or more must be reported to the IRS
IV. Cash transaction of $10,000 or more must be reported to the IRS
Answers:
A. I and III
B. I and IV
C. II and III
D. II and IV
Correct Answer: B. I and IV
Rationale: In any one day, a transmittal of $3,000 or more or a cash transaction must be recorded in a monetary instrument log (MIL) and cash transaction of $10,000 or more must be reported to the IRS.
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