CFP Regulatory Compliance & Standards 3

Question 1

Which GDPR principle requires that personal data be kept in a form that allows identification of data subjects for no longer than necessary?

Accepted Answer

Storage limitation

Answer

The storage limitation principle under GDPR Article 5(1)(e) restricts retention of identifiable personal data beyond the period necessary for its purpose.

Question 2

What is the primary purpose of a Suspicious Activity Report (SAR) filed by a fintech company?

Accepted Answer

Alert FinCEN to potential money laundering or fraud

Answer

SARs are filed with FinCEN to report transactions that may involve money laundering, fraud, or other financial crimes.

Question 3

Under the Dodd-Frank Act, which threshold determines whether a swap dealer must register with the CFTC?

Accepted Answer

$8 billion in aggregate notional swap positions

Answer

The CFTC set the de minimis threshold at $8 billion in aggregate notional amount of swaps over a 12-month period for swap dealer registration.

Question 4

A fintech operating in California must comply with the CCPA, which grants consumers the right to:

Accepted Answer

Opt out of the sale of their personal information

Answer

The CCPA gives California residents the right to opt out of the sale of their personal information to third parties.

Question 5

Which international standard provides a framework for information security management systems (ISMS) commonly used by fintech firms?

Accepted Answer

ISO 27001

Answer

ISO 27001 is the international standard that specifies requirements for establishing, implementing, and maintaining an ISMS.

(CFP) Certified Fintech Practitioner Practice Test

(CFP) Certified Fintech Practitioner Practice Test

CFP Regulatory Compliance & Standards 3