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APRP 2024 - Sample Exam Questions and answers latest update 2024
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APRP 2024 - Sample Exam Questions and answers latest update 2024
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APRP 2024 - Sample ExamD - correct 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 - correct 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 - correct 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 - correct 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 - correct 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 - correct 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 - correct 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 - correct 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 - correct answer An effective BSA/AML/OFAC compliance program consists of:
a. Procedures to identify cross-channel risk
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