CrFA Regulatory Compliance 2

Question 1

Which Sarbanes-Oxley provision requires the CEO and CFO to personally certify the accuracy of each periodic report filed with the SEC?

Accepted Answer

Section 302

Answer

Section 302 requires principal officers to certify that periodic reports are accurate and that disclosure controls are effective.

Question 2

A bank detects suspicious activity and has identified a suspect. Within what period must it generally file a Suspicious Activity Report (SAR)?

Accepted Answer

30 calendar days of initial detection

Answer

SARs are due within 30 calendar days of initial detection, extendable to 60 days only when no suspect has been identified.

Question 3

A car dealer receives $12,500 in cash from a single buyer. Which filing obligation applies?

Accepted Answer

IRS/FinCEN Form 8300 within 15 days

Answer

Non-financial trades or businesses receiving more than $10,000 in cash must file Form 8300 within 15 days.

Question 4

Under the FCPA anti-bribery provisions, which payment may qualify for the narrow statutory exception?

Accepted Answer

A small facilitating payment to expedite routine governmental action such as processing a visa

Answer

The FCPA excepts facilitating payments for routine, non-discretionary governmental actions.

Question 5

Under the Dodd-Frank SEC whistleblower program, what award range applies when a whistleblower's original information leads to sanctions exceeding $1 million?

Accepted Answer

10% to 30% of monetary sanctions collected

Answer

Eligible whistleblowers receive 10% to 30% of sanctions collected in actions exceeding $1 million.

CrFA - Certified Forensic Accountant Practice Test

CrFA - Certified Forensic Accountant Practice Test

CrFA Regulatory Compliance 2