APRP Regulatory Compliance 2

Question 1

Under the Bank Secrecy Act (BSA), what is the minimum threshold for filing a Currency Transaction Report (CTR)?

Accepted Answer

$10,000

Answer

The BSA requires financial institutions to file a CTR for cash transactions exceeding $10,000 in a single business day.

Question 2

Which regulation specifically governs electronic fund transfers for consumers in the United States?

Accepted Answer

Regulation E

Answer

Regulation E implements the Electronic Fund Transfer Act and establishes consumer rights and protections for EFTs.

Question 3

A payments company fails to complete required due diligence on a high-risk merchant. Under which compliance framework is this most directly a violation?

Accepted Answer

AML/BSA requirements

Answer

AML/BSA requirements mandate Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) for high-risk entities.

Question 4

What does the Durbin Amendment to the Dodd-Frank Act primarily regulate?

Accepted Answer

Debit card interchange fees

Answer

The Durbin Amendment caps debit interchange fees for large issuers and prohibits exclusive network routing arrangements.

Question 5

Which federal agency has primary examination authority over non-bank payment processors for consumer protection compliance?

Accepted Answer

CFPB

Answer

The Consumer Financial Protection Bureau (CFPB) has supervisory authority over large non-bank payment processors for consumer protection laws.

APRP - Accredited Payments Risk Professional Practice Test

APRP - Accredited Payments Risk Professional Practice Test

APRP Regulatory Compliance 2