CCT Regulatory Frameworks & Compliance Standards 2

Question 1

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

Accepted Answer

Financial Crimes Enforcement Network (FinCEN)

Answer

FinCEN, a bureau of the U.S. Treasury Department, administers and enforces the Bank Secrecy Act and AML regulations.

Question 2

Under the Sarbanes-Oxley Act, which section requires management to assess and report on the effectiveness of internal controls over financial reporting?

Accepted Answer

Section 404

Answer

SOX Section 404 mandates that management assess internal controls over financial reporting and that external auditors attest to that assessment.

Question 3

The EU General Data Protection Regulation (GDPR) applies to U.S. companies under which circumstance?

Accepted Answer

When processing personal data of EU residents regardless of company location

Answer

GDPR has extraterritorial reach and applies to any organization processing personal data of EU residents, regardless of where the company is located.

Question 4

Which compliance framework specifically addresses payment card data security and is maintained by a council of major card brands?

Accepted Answer

PCI DSS

Answer

PCI DSS (Payment Card Industry Data Security Standard) is maintained by the PCI Security Standards Council and governs protection of cardholder data.

Question 5

A company subject to HIPAA must provide patients access to their Protected Health Information (PHI) within how many days of a request?

Accepted Answer

30 days

Answer

HIPAA's Privacy Rule requires covered entities to provide individuals access to their PHI within 30 days of a request, with a possible 30-day extension.

(CCT) Certified Compliance Technician Practice Test

(CCT) Certified Compliance Technician Practice Test

CCT Regulatory Frameworks & Compliance Standards 2