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Business, 15.06.2021 22:10 imeldachavez124

A customer opens an account at a member firm and gives the minimum amount of information necessary to open the account, refusing to answer several questions. The customer deposits multiple checks into the account over a period of a month, all of which are just below $5,000. Shortly thereafter, the customer liquidates the majority of the assets in the account with checks drawn over a period of several days, all of which are below $5,000. An Operations Professional or Registered Representative who notices this behavior should (A) file a Currency Transaction Report (CTR) immediately if the various transfers exceeded $10,000 and report the customer to FINRA's Whistleblower Department. (B) completely freeze the customer's account so that the customer cannot deposit, withdraw, or invest any assets. (C) file a Suspicious Activity Report (SAR), even though the amounts that are deposited or withdrawn never exceeded $5,000 in any one transaction. (D) personally take possession of the customer's assets into the firm's error account, since opening an account for this customer was clearly an error in judgement.

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A customer opens an account at a member firm and gives the minimum amount of information necessary t...
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