CCT Compliance Oversight Agencies 2

Question 1

Which agency enforces the Bank Secrecy Act (BSA) and oversees anti-money laundering compliance for financial institutions?

Accepted Answer

FinCEN

Answer

FinCEN (Financial Crimes Enforcement Network) administers and enforces the BSA, requiring financial institutions to maintain AML programs.

Question 2

The Office of Foreign Assets Control (OFAC) operates under which federal department?

Accepted Answer

Department of the Treasury

Answer

OFAC is a division of the U.S. Department of the Treasury responsible for administering economic and trade sanctions.

Question 3

Which agency has primary examination authority over federally chartered credit unions?

Accepted Answer

NCUA

Answer

The National Credit Union Administration (NCUA) charters, insures, and supervises federal credit unions.

Question 4

A compliance officer discovers their firm's swap dealer is not properly reporting to a swap data repository. Which regulator should they notify first?

Accepted Answer

CFTC

Answer

The CFTC regulates swap dealers and mandates swap data repository reporting under Dodd-Frank.

Question 5

Which body issues the Uniform Standards of Professional Appraisal Practice (USPAP), which appraisers must follow under federal financial institution regulations?

Accepted Answer

The Appraisal Foundation

Answer

The Appraisal Foundation, authorized by FIRREA, issues USPAP and sets minimum qualification criteria for appraisers.

(CCT) Certified Compliance Technician Practice Test

(CCT) Certified Compliance Technician Practice Test

CCT Compliance Oversight Agencies 2