AAP Compliance and Audit

Question 1

Under NACHA rules, an ODFI's annual risk assessment must include:

Accepted Answer

Evaluating the ACH risk of each Originator and Third-Party Sender relationship

Answer

NACHA requires ODFIs to perform annual risk assessments that evaluate the ACH-related risks posed by each Originator and Third-Party Sender relationship.

Question 2

NACHA's enforcement mechanisms for rules violations include:

Accepted Answer

Fines, suspension, or termination of ACH network participation

Answer

NACHA enforces its rules through a risk management framework that includes financial fines, suspension from the ACH network, and termination of participation rights.

Question 3

The maximum NACHA fine for a willful rules violation is:

Accepted Answer

Up to $500,000 per incident

Answer

NACHA can impose fines up to $500,000 per incident for willful violations of the Operating Rules, with lesser amounts for less severe violations.

Question 4

How frequently must ODFIs complete an ACH audit as required by NACHA?

Accepted Answer

Annually (at least once per calendar year)

Answer

NACHA Operating Rules require ODFIs to complete an ACH audit at least once per calendar year to assess compliance with the rules.

Question 5

NACHA Operating Rules require ODFIs to monitor their Originators primarily for which key compliance metric?

Accepted Answer

Return rates—specifically the unauthorized debit return rate and the overall debit return rate

Answer

ODFIs must monitor Originator return rates, because excessive overall or unauthorized return rates indicate compliance problems that require ODFI intervention.

AAP - Accredited ACH Professional Practice Test

AAP - Accredited ACH Professional Practice Test

AAP Compliance and Audit