APRP Regulatory Environment 2

Question 1

Under the Bank Secrecy Act (BSA), financial institutions must file a Suspicious Activity Report (SAR) within how many days of detecting a suspicious transaction?

Accepted Answer

30 days

Answer

The BSA requires financial institutions to file a SAR within 30 calendar days of the date they become aware of a suspicious transaction.

Question 2

Which federal agency is primarily responsible for enforcing the Bank Secrecy Act (BSA) for non-bank money services businesses (MSBs)?

Accepted Answer

FinCEN

Answer

FinCEN (Financial Crimes Enforcement Network) is the primary federal regulator for BSA compliance at money services businesses.

Question 3

The Dodd-Frank Wall Street Reform and Consumer Protection Act created which agency specifically to regulate consumer financial products and services?

Accepted Answer

CFPB

Answer

The Dodd-Frank Act established the Consumer Financial Protection Bureau (CFPB) to supervise and enforce consumer financial protection laws.

Question 4

Under Regulation E, when a consumer notifies their financial institution of an unauthorized electronic fund transfer within 2 business days, what is the maximum consumer liability?

Accepted Answer

$50

Answer

Regulation E caps consumer liability at $50 if the consumer notifies the institution within 2 business days of learning of the loss.

Question 5

Which of the following best describes the purpose of OFAC sanctions lists in the payments context?

Accepted Answer

Identifying individuals and entities with whom U.S. persons are prohibited from transacting

Answer

OFAC (Office of Foreign Assets Control) maintains sanctions lists that prohibit U.S. persons from engaging in transactions with designated individuals, entities, and countries.

APRP - Accredited Payments Risk Professional Practice Test

APRP - Accredited Payments Risk Professional Practice Test

APRP Regulatory Environment 2