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APRP MINE > 1 > Flashcards

1 Flashcards

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
Q

must be preformed before you can begin to mitigate any risks

A

risk assessment

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26
Q

physical and logical controls

A

type main types of controls

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27
Q

Online debit card transactions are

A

pin based

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28
Q

The cornerstone of BSA

A

SAR

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29
Q

process of safeguarding important information from unauthorized access, corruption or loss

A

data security

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30
Q

the two primary networks for interbank or large value domestic funds transfer payment orders

A

CHIPS and wires

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31
Q

warrants the makers signature is authorized on a remotely created check

A

BOFD

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32
Q

amount charged by one depository institution to another for an unsecured loan using their reserve balance

A

fed funds rate

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33
Q

stage of money laundering where cash deposits are structured to evade reporting requirements

A

placement

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34
Q

alternative way to transfer money without the movement of money

A

hawala

35
Q

enacted after the 2007 2008 financial crisis intended to enforce transparency and accountability for consumer financial services

A

dodd frank

36
Q

governs the rights and obligations of consumers and financial institutions for the usage of the electronic funds transfer

A

Reg E

37
Q

Real time irrevocable credit transfer system

A

RTP and Fed Now

38
Q

requires financial institutions to assist us governments to detect and prevent money laundering

A

BSA

39
Q

created protection requiring financial institutions to have a policy to protect customer information from pretexting or phishing attacks

A

GLB ACT

40
Q

regulation implementing the truth in lending act

A

Reg Z

41
Q

Bureau of us treasury that receives and maintains financial transaction data, analyzes and disseminates the data for law enforcement purposes

A

Fin CEN

42
Q

charters, regulate, and supervises national banks and federal savings associations

A

OCC

43
Q

a set of state laws that governs check collection payment and liabilities

A

UCC4

44
Q

a global information security standard designed to prevent fraud through increased control of cardholder data

A

PCI DSS

45
Q

comprehensive guide assembled for the us department of treasury of FI that receive ACH federal government

A

green book

46
Q

created the financial privacy and safeguard rules and regulations

A

GLBA

47
Q

private organization governing exchange of electronic checks between its members

A

ECCHO

48
Q

body of law intended to clarify the law governing commercial transactions and to make the laws consistent with the various jurisdictions

A

UCC4a

49
Q

has the authority to protect consumers against abuses related to credit cards mortgages and other financial products

A

CFPB

50
Q

act intended to speed up availability of deposited funds

A

expedited funds availability act

51
Q

related credit card terms and conditions and places limits on certain fees and interest charged by credit card issuers

A

Card Act of 2009

52
Q

forms of US government interagency body made up of the:
FRB
OCC
CFPB
FDIC
State Regulators
NCUA

A

FFIEC

53
Q

Governs offering, accepting, and chargeback rights of certain cards

A

card rules

54
Q

requires financial institutions to have a CIP program

A

patriot act

55
Q

contains a subpart that says a substitute check is the legal equivalent of the original check

A

reg CC

56
Q

largest private sector clearing system for domestic and international wires

A

CHIPS

57
Q

body of law describing commercially reasonable security procedures

A

UCC4a

58
Q

governing transactions that use an access device to initiate an electronic fund transfer to defined acccounts

A

Reg E

59
Q

bipartisan federal agency with mission to protect consumers and promote competition

A

FTC

60
Q

regulation designed to help consumers comparison shop for international wire foreign remittance by requiring disclosures about terms and cost

A

Reg E subpart B

61
Q

entity enforcing review of all parties to IAT entry

A

OFAC

62
Q

responsible for developing uniform principles, standards and report forms for federal examination done by agencies that participate in the formal interagency body

A

FFIEC

63
Q

outlines responsibilities for financial institutions, third party sender and originators

A

nacha

64
Q

international standards designed to improve regulation supervision and risk management within the banking sector

A

Basel III

65
Q

Basel III principles

A

Leverage
Liquidity
Capital

66
Q

alerts national banks and federal savings associations to risks associated with large dollar payment systems and systemic risk

A

occ235

67
Q

state law governing transactions including some ach transactions

A

UCC

68
Q

body of law containing provisions that can be altered by agreement

A

UCC4a

69
Q

BUISINESS IMPACT ANALYSIS
RISK ASSESSMENT
RISK MANAGEMENT
RISK MONITORING AND TESTING

A

BCP STEPS

70
Q

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

A

ERM

71
Q

TILA
EFTA
DURBIN AMENDMENT
REG Z
PCI DSS
BRAND RULES
NETWORK RULES

A

LEGAL FRAMEWORK FOR THE CARD NETWORK

72
Q

DETERMINE CRITICALITY
ESTIMATE MAX DOWNTIME
EVALUATE RESOURCE REQUIREMENTS

A

BIA GOALS

73
Q

comprehensive plan made to accomplish the organizational goals

A

strategic planning

74
Q

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

A

fedwire funds service

75
Q

preliminary step in the testing process
good as a training tool, but not preferred testing method

A

table top exercise

76
Q

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

A

swift

77
Q

governs collecting checks and wire transfers through the frb

A

reg j

78
Q

account opening and monitoring controls
duplicate detection software
procedures to meet return time frames

A

check risk controls

79
Q

categorize information system
select security controls
implement security controls
assess security controls
authorize security controls
monitor security

A

security life cycle framework

80
Q

establish policy
allocate personnel and resources
training
independent review
enterprise wide testing
review results
update

A

board and senior management

81
Q

increase range of opportunities
reduce performance variability
improve resources deployment
enhance enterprise resilience
increase positive outcomes and reduces negative surprises

A

ERM Benefits

82
Q

electronic money transfers from consumers in the us through remittance transfer providers to recipients abroad

A

international wire

83
Q

review and revision

A

process to determine how well erm components are functioning over time

84
Q

private sector bank used to settle foreign exchange payments simultaneously, designed to eliminate settlement risk,limited to certain currencies

A

continuous linked settlement bank

APRP MINE (3 decks)

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