Exam (elaborations)
APRP 2024 - Sample Exam Questions and answers latest update 2024
- Course
- Institution
APRP 2024 - Sample Exam Questions and answers latest update 2024
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76799 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now