Unit 8.11 Money Laundering (Series 65)
FinCEN Form 112, the Currency Transaction Report, is filed with the: A) Department of the Treasury B) SEC. C) Federal Bureau of Investigation (FBI). D) National Security Agency.
Answer: A Currency transactions in excess of $10,000 are reported electronically on FinCEN Form 112 to the Department of the Treasury. Reference: 8.11 in the License Exam Manual.
The currency reporting threshold for cash and equivalent instruments is: A) over $10,000. B) over $3,000. C) over $5,000. D) over $25,000.
Answer: A The currency reporting threshold for cash and equivalent instruments is over $10,000. These transactions must be reported on a CTR (currency transaction report) (FinCEN Form 112). The Form 112 is electronically filed with the Department of the Treasury. Reference: 8.11 in the License Exam Manual.
Which of the following is responsible for administration of the Bank Secrecy Act? A) Department of Health and Human Service. B) Security Services. C) The Financial Crimes Enforcement Network. D) Securities and Exchange Commission.
Answer: C Or FinCEN as it is more commonly printed. Reference: 8.11.1 in the License Exam Manual.
Currency transaction reports must be filed for cash transactions that exceed: A) $25,000.00 B) $50,000.00 C) $100,000.00 D) $10,000.00
Answer: D The Bank Secrecy Act requires every financial institution to electronically file with the Department of the Treasury a Currency Transaction Report (CTR) on FinCEN Form 112 for each cash transaction that exceeds $10,000. This report would include cash transactions used to pay off loans, electronic transfer of funds, and purchases of certificates of deposit, stocks, bonds, mutual funds, or other investments with cash. Reference: 8.11 in the License Exam Manual.
