CCM Regulatory Framework & Requirements 2

Question 1

Under the Bank Secrecy Act (BSA), what is the currency transaction reporting threshold that triggers a mandatory CTR filing?

Accepted Answer

$10,000

Answer

The BSA requires financial institutions to file a Currency Transaction Report (CTR) for any cash transaction exceeding $10,000 in a single business day.

Question 2

Which federal agency enforces the Foreign Corrupt Practices Act (FCPA) in relation to securities issuers?

Accepted Answer

Securities and Exchange Commission

Answer

The SEC enforces the FCPA's anti-bribery and accounting provisions against companies registered with it, while the DOJ handles criminal enforcement for all entities.

Question 3

A company subject to GDPR receives a data subject access request. What is the standard response deadline?

Accepted Answer

30 calendar days

Answer

GDPR Article 12 requires controllers to respond to data subject access requests within one month (approximately 30 days), extendable by two additional months for complex cases.

Question 4

Which element is NOT a required component of an effective compliance program under the Federal Sentencing Guidelines?

Accepted Answer

Mandatory annual board certification

Answer

The Federal Sentencing Guidelines identify seven hallmarks of an effective program; mandatory annual board certification is not among them, though board oversight is expected.

Question 5

The Dodd-Frank Act's whistleblower program, administered by the SEC, requires a minimum threshold of original information about potential securities violations. What is that threshold?

Accepted Answer

The potential violation must result in a sanction exceeding $1 million

Answer

Under Dodd-Frank, SEC whistleblower awards are only available when enforcement actions result in sanctions exceeding $1 million, ensuring the program targets significant violations.

(CCM) Certified Compliance Manager Practice Test

(CCM) Certified Compliance Manager Practice Test

CCM Regulatory Framework & Requirements 2