Investment Company and. Variable Contracts Products Principals (Series 26) Practice Exam

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What is the time frame for a broker-dealer to E-file Form 112 after receiving currency over $10,000?

10 days
15 days
30 days
45 days

The correct answer is: 15 days

The correct time frame for a broker-dealer to electronically file Form 112 after receiving currency over $10,000 is indeed 15 days. This form is part of the reporting requirements established by the Bank Secrecy Act, which is designed to combat money laundering and other financial crimes. Broker-dealers are required to report specific transactions that involve large sums of cash, as these can sometimes indicate suspicious activity. The 15-day deadline is critical because it allows regulatory authorities to monitor potential illicit activity in a timely fashion. Compliance with this requirement is essential for maintaining the integrity of financial markets and protecting against misuse. Failure to adhere to this timeline can lead to significant penalties for the broker-dealer, showcasing the importance of regulatory compliance within the industry.