Question

A customer tried to use a fake id during an insurance transaction and the agent had to file a Suspicious Activity Report under law. One could assume a minimum of ______ was involved in the transaction.

Answer 1

Answer:

$ 10,000 USD

Explanation:

Insurance companies are obliged to report to the federal government through form 8300 about transactions that exceed $ 10,000 or even transactions of a lower value that for some reason arouse the impression of suspicious activity; since criminals are normally aware of this rule and try to avoid the law as much as possible. This arrangement has been proposed by the government to control illicit activity and to comply with the anti money laundering program.