SIE Exam Question 579: Answer and Explanation

Question: 579

The Bank Secrecy Act of 1970 requires financial institutions to assist U.S. government agencies in detecting and preventing money laundering by filing reports of cash transactions exceeding which of the following daily aggregate amounts?

• A. $5,000
• B. $10,000
• C. $50,000
• D. $100,000

Correct Answer: B

Explanation:

The Bank Secrecy Act of 1970 requires financial institutions to assist U.S. government agencies in detecting and preventing money laundering by filing reports of cash transactions exceeding $10,000 (daily aggregate amount).