CCEP Regulatory Frameworks 3

Question 1

Under the False Claims Act (FCA), what percentage of the government's recovery can a whistleblower (relator) receive when the government intervenes in a qui tam lawsuit?

Accepted Answer

15 to 25 percent

Answer

Under the FCA, if the government intervenes, the relator is entitled to between 15 and 25 percent of the proceeds recovered.

Question 2

The NIST Cybersecurity Framework (CSF) is organized around which five core functions?

Accepted Answer

Identify, Protect, Detect, Respond, Recover

Answer

The NIST CSF core consists of five functions: Identify, Protect, Detect, Respond, and Recover, which together form a risk management lifecycle.

Question 3

Which regulatory framework specifically governs the privacy and security of protected health information (PHI) in the United States?

Accepted Answer

Health Insurance Portability and Accountability Act (HIPAA)

Answer

HIPAA's Privacy Rule and Security Rule establish national standards for the protection of PHI held by covered entities and their business associates.

Question 4

In the context of anti-money laundering (AML) compliance, what does 'KYC' stand for and what is its primary purpose?

Accepted Answer

Know Your Customer; to verify client identity and assess risk

Answer

Know Your Customer (KYC) refers to the process of verifying the identity of clients and assessing their suitability and risk profile to prevent financial crime.

Question 5

The Dodd-Frank Wall Street Reform and Consumer Protection Act established which agency to protect consumers in financial transactions?

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

Dodd-Frank created the CFPB in 2010 as an independent agency to protect consumers from unfair, deceptive, or abusive practices by financial service providers.

(CCEP) Certified Compliance and Ethics Professional Practice Test

(CCEP) Certified Compliance and Ethics Professional Practice Test

CCEP Regulatory Frameworks 3