SIE Exam Question 967: Answer and Explanation

Question: 967

Banks and credit unions must file a Suspicious Activity Report if a transaction involves or aggregates at least __________ in funds or other assets, and the institution knows, suspects, or has reason to suspect that the transaction is designed to evade the requirements of the Bank Secrecy Act.

• A. $5,000
• B. $10,000
• C. $25,000
• D. $100,000

Correct Answer: A

Explanation:

Banks and credit unions must file a Suspicious Activity Report if a transaction involves or aggregates at least $5,000 in funds or other assets, and the institution knows, suspects, or has reason to suspect that the transaction is designed to evade the requirements of the Bank Secrecy Act.