Finra
When a firm receives cash in excess of $10,000 from one customer in one day, what must be filed?
CTR = over $10,000 cash (mandatory). SAR = suspicious activity (judgment call).
Complete Analysis & Legal Rationale
Under the Bank Secrecy Act, a Currency Transaction Report (CTR) must be filed with FinCEN within 15 days when a firm receives cash exceeding $10,000 in a single day from one customer. This is an anti-money laundering requirement.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Matches the verified teaching point in the explanation.
SARs are filed when suspicious activity is detected, not for all large cash transactions.
A cash transfer receipt is not a regulatory filing requirement.
There is no five-day hold requirement for cash deposits.
Official Standard: Requires AML programs consistent with Bank Secrecy Act obligations (verify current text).
Official Standard: Outline-level citation pending rule-specific upgrade. Verify against current FINRA Series 7 outline.