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1
Q

atm eft network rules subject to chargebacks?

A

Pin based are not subject to chargeback

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2
Q

Preventative detective and corrective are all ____controls

A

Timing

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3
Q

1 compliance officer
2 establishing a system of internal control
3 control independent audits
4 conduct independent testing
5 ongoing training

A

5 pillars of bsa

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4
Q

3 statuses for rtp transactions

A

Accepted, rejected and accepted not posted

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5
Q

Operations, reporting, and compliance

A

Coso objectives

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6
Q

Relies on interbank and intrabank funds transfer systems and networks to send payment instructions

A

wholesale payment systems

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7
Q

1 governance and culture
2 strategies and objectives
setting
3 performance
4 review and revision
5 information communication and reporting

A

Inerrated Framework ERM

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8
Q

created the consumer financial protection bureau CFPB and established UDAAP

A

Dodd Frank Act

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9
Q

Rule requiring financial institutions to establish and maintain written procedures that are reasonably designed to identify and verify the beneficial owners of a legal entities’ accountholders

A

CDD Rule

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10
Q

conducted to identify, measure and prioritize risks so attention is placed on the areas of greatest importance first

A

Risk Assessment

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11
Q

Ex post or real time

A

Basis FR uses to monitor and control the a FI Daylight OD

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12
Q

Control Environment
Risk assessment
Control Activities
Information and Communication Monitoring

A

Components of internal control

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13
Q

Guidelines developed by an organization to govern its actions and define the limits with which decisions must be made

A

Policy

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14
Q

Step by step instructions for CIP, CDD and CTR/SAR

A

BSA

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15
Q

Addresses the terms and conditions for accountholders using financial institutions website or online banking platform

A

E banking policy

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16
Q

guarantees an institutions system of internal controls operates effectively

A

Senior management/Board of Directors

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17
Q

the global open body formed to develop, enhance, and assist with the understanding of data security standard for payment account security

A

PCI payment card industry

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18
Q

governs private check clearing through the clearing house

A

Eccho

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19
Q

governs the collection checks and the terms and conditions under which reserve banks will receive and deliver funds over Fedwire

A

Reg J

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20
Q

the amount of funds a financial institution must hold as a percentage of their risk -weighted assets

A

Basel III Capital Adequacy

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21
Q

permitting access on a need to know basis

A

logical control

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22
Q

requires financial institutions to protect and identify non-public personal information and safeguard sensitive data

A

graham leach Bliley

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23
Q

Charters, regulations, and supervises all national banks and federal branches and agencies for foreign banks

A

OCC

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24
Q

will suffer the loss if a merchant is unable to pay a chargeback

A

aquirier

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25
must be preformed before you can begin to mitigate any risks
risk assessment
26
physical and logical controls
type main types of controls
27
Online debit card transactions are
pin based
28
The cornerstone of BSA
SAR
29
process of safeguarding important information from unauthorized access, corruption or loss
data security
30
the two primary networks for interbank or large value domestic funds transfer payment orders
CHIPS and wires
31
warrants the makers signature is authorized on a remotely created check
BOFD
32
amount charged by one depository institution to another for an unsecured loan using their reserve balance
fed funds rate
33
stage of money laundering where cash deposits are structured to evade reporting requirements
placement
34
alternative way to transfer money without the movement of money
hawala
35
enacted after the 2007 2008 financial crisis intended to enforce transparency and accountability for consumer financial services
dodd frank
36
governs the rights and obligations of consumers and financial institutions for the usage of the electronic funds transfer
Reg E
37
Real time irrevocable credit transfer system
RTP and Fed Now
38
requires financial institutions to assist us governments to detect and prevent money laundering
BSA
39
created protection requiring financial institutions to have a policy to protect customer information from pretexting or phishing attacks
GLB ACT
40
regulation implementing the truth in lending act
Reg Z
41
Bureau of us treasury that receives and maintains financial transaction data, analyzes and disseminates the data for law enforcement purposes
Fin CEN
42
charters, regulate, and supervises national banks and federal savings associations
OCC
43
a set of state laws that governs check collection payment and liabilities
UCC4
44
a global information security standard designed to prevent fraud through increased control of cardholder data
PCI DSS
45
comprehensive guide assembled for the us department of treasury of FI that receive ACH federal government
green book
46
created the financial privacy and safeguard rules and regulations
GLBA
47
private organization governing exchange of electronic checks between its members
ECCHO
48
body of law intended to clarify the law governing commercial transactions and to make the laws consistent with the various jurisdictions
UCC4a
49
has the authority to protect consumers against abuses related to credit cards mortgages and other financial products
CFPB
50
act intended to speed up availability of deposited funds
expedited funds availability act
51
related credit card terms and conditions and places limits on certain fees and interest charged by credit card issuers
Card Act of 2009
52
forms of US government interagency body made up of the: FRB OCC CFPB FDIC State Regulators NCUA
FFIEC
53
Governs offering, accepting, and chargeback rights of certain cards
card rules
54
requires financial institutions to have a CIP program
patriot act
55
contains a subpart that says a substitute check is the legal equivalent of the original check
reg CC
56
largest private sector clearing system for domestic and international wires
CHIPS
57
body of law describing commercially reasonable security procedures
UCC4a
58
governing transactions that use an access device to initiate an electronic fund transfer to defined acccounts
Reg E
59
bipartisan federal agency with mission to protect consumers and promote competition
FTC
60
regulation designed to help consumers comparison shop for international wire foreign remittance by requiring disclosures about terms and cost
Reg E subpart B
61
entity enforcing review of all parties to IAT entry
OFAC
62
responsible for developing uniform principles, standards and report forms for federal examination done by agencies that participate in the formal interagency body
FFIEC
63
outlines responsibilities for financial institutions, third party sender and originators
nacha
64
international standards designed to improve regulation supervision and risk management within the banking sector
Basel III
65
Basel III principles
Leverage Liquidity Capital
66
alerts national banks and federal savings associations to risks associated with large dollar payment systems and systemic risk
occ235
67
state law governing transactions including some ach transactions
UCC
68
body of law containing provisions that can be altered by agreement
UCC4a
69
BUISINESS IMPACT ANALYSIS RISK ASSESSMENT RISK MANAGEMENT RISK MONITORING AND TESTING
BCP STEPS
70
THE PROCESS OF PLANNING, ORGANIZING, LEADING, AND CONTROLLING THE ACTIVITEIS OF THE ORGANIZATION IN ORDER TO MINIMIZE THE EFFECTS OF RISK ON AN ORGANIZATION'S CAPITAL AND EARNINGS
ERM
71
TILA EFTA DURBIN AMENDMENT REG Z PCI DSS BRAND RULES NETWORK RULES
LEGAL FRAMEWORK FOR THE CARD NETWORK
72
DETERMINE CRITICALITY ESTIMATE MAX DOWNTIME EVALUATE RESOURCE REQUIREMENTS
BIA GOALS
73
comprehensive plan made to accomplish the organizational goals
strategic planning
74
frb real time gross settlement system payment is irrevocable and final only originating fi can remove funds from its fr account must contain an account with frb or a correspondent with access
fedwire funds service
75
preliminary step in the testing process good as a training tool, but not preferred testing method
table top exercise
76
industry owned cooperative suppling standardized message services and interface software used for software used for: transmitting instructions to move funds domestic and international payment instructions
swift
77
governs collecting checks and wire transfers through the frb
reg j
78
account opening and monitoring controls duplicate detection software procedures to meet return time frames
check risk controls
79
categorize information system select security controls implement security controls assess security controls authorize security controls monitor security
security life cycle framework
80
establish policy allocate personnel and resources training independent review enterprise wide testing review results update
board and senior management
81
increase range of opportunities reduce performance variability improve resources deployment enhance enterprise resilience increase positive outcomes and reduces negative surprises
ERM Benefits
82
electronic money transfers from consumers in the us through remittance transfer providers to recipients abroad
international wire
83
review and revision
process to determine how well erm components are functioning over time
84
private sector bank used to settle foreign exchange payments simultaneously, designed to eliminate settlement risk,limited to certain currencies
continuous linked settlement bank

APRP MINE (3 decks)

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