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APRP MINE > ARPR Additional Neach > Flashcards

ARPR Additional Neach Flashcards

1
Q

Is a TPS always a TPSP

A

Yes

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2
Q

Embedded computer chip with financial and personal information for payment transactions

A

Contactless Cards

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3
Q

Implemented by the clearing house

A

RTP

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4
Q

global open body formed to develop, enhance, disseminate and assist with understand of security standards for payment account data security

A

PCI SSC

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5
Q

Path the check follows

A

Check Clearing

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6
Q

Check Collection

A

Settlement

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7
Q

Card Holder, Card Issuer, Merchant, Acquirer, Card Network

A

Card Payment Participants

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8
Q

Issue a debit card regardless of where demand deposit is held

A

Flow on ACH Rail- Decoupled Card

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9
Q

Credit push- Real Time Gross Settlement

A

Fedwire Funds Services

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10
Q

Debit Pull-electronic book entry securities also real time

A

Fedwire Securities Service

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11
Q

Non-profit with a special committee focus on standard for Bankcards and financial communications

A

ANSI American National Standards Institute

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12
Q

Sender, Sending Participant, TCH, Receiving Participant, Receiver

A

RTP

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13
Q

Sender, Participant, Service, Receiver

A

Fed Now Service

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14
Q

National securities clearing corporation is regulated by the

A

Securities and Exchange Commission (SEC)

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15
Q

Ach clears though these two networks

A

FRB and EPN

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16
Q

Increases controls for cardholder data

A

PCI DSS Data Security Standard

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17
Q

Build and maintain secure network
protect cardholder data
maintain vulnerability management program

A

PCI SSC 1-6

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18
Q

Implement strong access control measures
regularly monitor and test network
maintain information security policy

A

PCI SSC 7-12

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19
Q

System of Internal Controls, Monitoring and reporting
Independent auditing and testing
Designation of a compliance officer
ongoing training
CDD program

A

5 Pillars of BSA

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20
Q

created CFPB and Established UDAAP

A

Dodd Frank

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21
Q

If ACH is held we can hold for 1 day and have to notify

A

ODFI

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22
Q

2021 Federal Open Market Committee FOMC

A

Reserve Framework reduced to Zero -New Reg D

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23
Q

Subpart A checks clear
Subpart B Wires
Subpart C FedNow

A

Reg J

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24
Q

Reg II is also the

A

Durbin Amendment

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25
Q

national bank circular that covers payments, payments systems, and risk and risk management practices

A

OCC 2021-49

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26
Q

“Bank management is responsible for establishing effective risk management systems and controls and regularly reporting to the board on the results of the ACH program”

A

OCC 2006-39 Bulletin states for ACH activities

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27
Q

Mitigation
business resiliency
business continuity
information security
operational controls

A

ACH Operational Risk Mitigation

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28
Q

Failure in the transaction process can result in risk to FI’s

A

Earnings and Capital

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29
Q

system will allow items to be transmitted and settled either through the check collection system or as an ACH transaction

A

RDC Least cost routing

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30
Q

OCC states bank should ensure comprehensive risk management and oversight of third-party relationships involving what activities

A

Critical (payments, settlement and information technology)

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31
Q

Technique that uses historical results to predict future outcomes

A

trend analysis

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32
Q

Before implementing RDC, FI must evaluate what type of risk

A

Reputational
Operational
Legal

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33
Q

What indicates risk for individual credit exposure

A

Risk Rating

34
Q

Right to audit, monitor and inspect a participant
participants conduct a self-audit
establish controls on the gross value RTP payments may originate daily

A

Risk Controls Established By TCH

35
Q

Name
DOB
Address
Identification #

A

Four Pieces of CIP

36
Q

Appy to all entities that store process and transmit cardholder data

A

PCI Standards

37
Q

enacted to have ACH operators to compete with FR

A

Monetary Control act of 1980

38
Q

ERM PROCESSES WILL PROVIDE MANAGEMENT WITH A BETTER UNDERSTANDING OF HOW RISK WILL IMPACT THE CHOICE OF____

A

STRATEGY

39
Q

What influences and aligns strategy and performance throughout all departments and functions

A

Risk

40
Q

methods include
risk sharing
risk avoidance
risk analysis

A

Risk Management

41
Q

What relationship that involves payments, settlement, and information technology warrant a comprehensive and rigorous oversight and management

A

Third party relationships

42
Q

applies to and organizations
applies to a department or a category. It encompasses all internal risk profiles, and may vary significantly based on many factors

A

Risk Profile

43
Q

identifies, measures and prioritizes risk areas

A

Risk Assessment

44
Q

preventative and detective control

A

encryption

45
Q

FDIC
OCC
CFPB

A

Federal Governing Body

46
Q

Added a broad set of rules for credit card issuers that limit the assessment of certain types of fees and the interest that may be charged

A

Credit Card Accountability Responsibility and Disclosure Act of 2009

47
Q

payment order transmitted directly to or from a reserve bank by electronic data transmission excluding transmission via phone

A

Online Payment order

48
Q

FI should have these to ensure retail payment operations are conducted appropriately

A

Comprehensive contract provisions and Adequate due diligence processes

49
Q

How often is unnecessary data to be purged for PCI DSS

A

Quarterly

50
Q

Credit Score, daily per transaction limits and new account vs existing accounts are a part of the selection and protection criteria for

A

cross channel risk

51
Q

this program provides unbanked beneficiaries a way to receive payments electronically

A

Direct express

52
Q

risk that action taken by a government may affect a payment system or participants in a payment system

A

sovereign risk

53
Q

Due diligence for correspondent and private banking accounts
title III and the bank secrecy act
the effort to combat international money laundering and block access by terrorists to the US financial system

A

USA Patriot ACT

54
Q

internal audit
own and manage risk control
ensure that expertise and process excellence are available to manage and control risk

A

coso’s three lines of defense model

55
Q

express overall appetite by using broad statements
express risk appetite for each major class of organizational objectives
express risk appetite for different areas of risk

A

communicating risk appetite

56
Q

risk assessment
control activities
control environments
info and communication
monitoring

A

5 key components internal control program

57
Q

governance and culture
strategy and objective setting
performance
review and revision
info communication and reporting

A

ERM framework

58
Q

establish and revise
communicate
monitor and reinforce

A

risk appetite steps

59
Q

credit push only

A

RTP

60
Q

Administrative
Technical
Physical

A

Nature related Controls

61
Q

when did checks become local

A

first quarter of 2010 by Reg CC

62
Q

Availability
Confidentiality
data integrity

A

Information Security Components

63
Q

funds held by an institution during the check clearing process before being made available to a depositor

A

Float for checks

64
Q

set of security requirements surrounding the properties and management of devices used in the protection of cardholders PIN and other card payment processing activities

A

PCI-PTS

65
Q

ensure organizations operate effectively, safeguard assets produce reliable financial records and maintain compliance with Regs and laws

A

Internal control program

66
Q

provisions that require all non-tax related payments made by the federal government be made via electronic funds transfer EFT

A

Debt Collection improvement act of 1996

67
Q

Feature unique to contactless cards that supports the use of improves security including authenticated information access

A

Microcontroller

68
Q

Reg CC does not apply to

A

Debit Cards
RDC and Mobile Deposits

69
Q

What payment channel is particularly vulnerable to Cross Channel Risk

A

RDC

70
Q

digital certificates
public key infrastructures and
encryption

A

secure data transmission

71
Q

may engage a third-party independent sales organization or membership service provider to conduct and monitor day to day activities or its merchants accounts

A

acquiring bank

72
Q

dual message one containing authorization decision and the second that contains data required for clearing and settlement

A

signature authenticated transactions

73
Q

development of the routing # a policy and the national standard for imprinting checks with magnetic ink character recognition

A

automation of the check clearing process

74
Q

should reflect the nature and complexity of the institution’s participation in retail payment systems

A

FI Risk management strategy

75
Q

desirable prohibited and restricted originators
background check or originators
creditworthiness

A

Onboarding ACH Originators

76
Q

who does direct access apply to

A

ACH

77
Q

Applies to any entity that collects uses or stores the personal data of people in the European union

A

GDPR

78
Q

Establish reasonable controls and requirements to achieve policy objectives

A

Standards

79
Q

9 Digit Routing
18 onus
12 Account fields

A

MICR Line contains

80
Q

risk of not successfully moving the payment between the buyer and the seller or having the payment altered in some way during the process

A

Transit Risk

81
Q

possibility that one to more parties will fail to deliver on the terms of a contract at the agreed upon time

A

Settlement Risk

APRP MINE (3 decks)

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