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What is required if you suspect a foreign client of having $5k or more in undeclared money?



A. File under SEC within 10 days
B. File under SARs within 10 days
C. File under SEC within 30 days
D. File under SARs within 30 days
E. File under Ofac within 30 days

This question is part of series 79 Financial Industry Regulatory Authority (FINRA) quiz
Asked by Needaquiz, Last updated: Dec 18, 2019

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2 Answers

R. Barnes

Always excited to learn and talk about new topics

R. Barnes, Analyst, PhD, Clinton

Answered Apr 04, 2019

D is the answer to this question. You should first understand what SAR means. This stands for Suspicious Activity Reporting. This means that if you detect that there are some inconsistencies with the facts that you have received so far, you can file within 30 days.

This is the reason why D is the answer instead of B. If in case there is no suspect that is identified for the activity that has been reported, it will be extended for up to 60 days. In this case, you have already identified that it is the foreign client who may have undeclared money in his account. The other agencies are meant to handle other issues.

 

needaquiz

Needaquiz

Answered May 25, 2018

File under SARs within 30 days
 

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