SIE Exam Question 350: Answer and Explanation

Question: 350

A customer deposits $2,000 of cash into a brokerage account in the morning and $10,000 in cash into the same account that afternoon. The firm is required to file

• A. a CMIR.
• B. a CTR.
• C. a SAR.
• D. nothing at this time, but this suspicious activity should be monitored.

Correct Answer: B

Explanation:

B - A Currency Transaction Report (CTR) must be filed with FINCEN within 15 days for any cash deposits in excess of $10,000 in a single day.