Exam (elaborations)
APRP - Payments Risk Policy & Governance (10) (part 2)(32 questions and answers).
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APRP - Payments Risk Policy & Governance (10) (part 2)(32 questions and answers).
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APRP - Payments RiskPolicy & Governance
(10) (part 2)(32
questions and
answers)
Procedure (defined)
Manner in which an organization will proceed,
perform or effect something to accomplish a
process.
Set of instructions or methods to accomplish the
objectives of a policy.
What Procedures must identify
Who is responsible
What needs to be done
Where can the information be found
When is the time frame for completion
Why (Compliance with polices, regulations, rules
and agreements)
Common Procedures for all Payment Systems
Account Opening and Disclosures
Security Procedures
, Reconciliation
Contingency Planning
Exception Handling
Error Resolution
Training
BSA/AML/OFAC Procedures
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Rule
Currency Transaction Report / Suspicious Activity
Report (CTR/SAR)
Office of Foreign Asset control (OFAC)
CIP Procedure (part of BSA/AML/OFAC)
Identifies information that needs to be gathered
Define how it is documented and retained
CDD Procedure (part of BSA/AML/OFAC)
Identify and verify the beneficial owners of legal
entity account holders.
CTR/SAR Procedure (part of BSA/AML/OFAC)
Define when and how these reports must be
completed
OFAC Procedure (part of BSA/AML/OFAC)
Define how to deal with a suspect or true hit
against OFAC's Specially Designated Nationals
(SDN) list.
Vendor Management Procedure
On-boarding
- Required information
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