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APRP 2023 - Sample Exam Questions With 100% Complete Solutions.
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APRP 2023 - Sample Exam Questions With 100% Complete Solutions.
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APRP 202 3 - Sample Exam Questions With 100% Complete Solutions.D Answer - A check is not considered a negotiable instrument under Regulation CC if it:
a. Does not have a date
b. Is future dated
c. Does not have a named payee
d. Is not printed in MICR ink
D Answer - Fedwire Funds are final and irrevocable upon completion of processing by the _________.
a. Beneficiary's Depository Institution
b. Originator's Depository Institution
c. Originator
d. Federal Reserve Banks
C Answer - A security procedure is not considered commercially reasonable for a wire transfer if:
a. The security procedure complies with Regulation J
b. The security procedure utilizes a micro-payment to validate the account
c. The security procedure is only compared to a signature
d. The security procedure utilizes a Prenote to validate the account
B Answer - Real-time Payments® (RTP) allows a financial institution to limit its exposure risk by:
a. Ensuring equipment is safeguarded
b. Utilizing prefunding
c. Utilizing a micro-payment prior to initiating live payment
d. Protection via Daylight-Overdraft
B Answer - The duration of exposure risk for a financial institution when originating ACH debit entries is:
a. One day prior to Settlement Date
b. The period from when entries are released to the ACH Operator, through the time entries can no longer be returned by the RDFI
c. Mitigated through strong fraud controls
d. Mitigated through strong operational controls
C Answer - To control daylight overdrafts, the ___________ establishes net debit caps on the amount of Reserve Bank daylight credit that a depository institution may use during a single day or over a two- week reserve maintenance period.
a. Fedwire Funds Credit Policy
b. Federal Reserve Banks Operating Circular No. 5
c. Payment System Risk Policy d. Payment Card Industry Data Security Standard
B Answer - Which regulation requires that a paying bank must return a check such that it is received by the Bank of First Deposit by 2:00 p.m. local time on the second business day following the date of presentment?
a. UCC midnight deadline
b. Reg CC expeditious return
c. Reg E expedited re-credit
d. OCC 231
C Answer - According to COSO, Enterprise Risk Management is:
a. The responsibility of a designated department within the organization
b. A function within the organization
c. The culture, capabilities, and practices that organizations integrate within their strategy to manage risk and preserve and realize value
d. Managing a listing of various risks that impact an organization
B Answer - An effective BSA/AML/OFAC compliance program consists of:
a. Procedures to identify cross-channel risk
b. Board approved written policies, procedures and processes to prevent money laundering and terrorist financing
c. Procedures for OFAC due diligence
d. Board approved risk matrix for on-boarding new third-party service providers
D Answer - According to COSO, _________ is the amount of risk, on a broad level, an entity is willing to accept in pursuit of value.
a. Risk culture
b. Risk tolerance
c. Risk insurance
d. Risk appetite
D Answer - Under the Uniform Commercial Code, a Bank of First Deposit is liable for
a warranty breach claim for forged/missing indorsement for up to:
a. One year from the date of deposit
b. 90 days from the cash letter date
c. One year from the cash letter date
d. 3 years from the cash letter date
C Answer - According to the FFIEC, an institution's first step in the business continuity process is the development of a:
a. Risk Assessment
b. Risk Management Program
c. Business Impact Analysis
d. Risk Monitoring and Testing Program
A Answer - The scope of required Physical and Information Security Procedures depends on:
a. The size and complexity of the institution's IT operations and the variety of functions performed by IT operations
b. Parameters and change management controls
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