APRP Exam with Questions and Answers

APRP Exam with Questions and Answers When must Reg E disclosures must be provided? ANSWER Either at the time the account opened or before the first EFT occurs How many days between statements ANSWER 60 days How many days notice must a bank give when fees change increasing or charges related EFT ANSWER 21 day OFAC - Office of Foreign Assets Control ANSWER Administers and enforces economic and trade sanctions against foreign countries and terrorist organizations. OFAC ANSWER SDNs are organizations and individuals who are restricted from doing business with US According to OFAC if an FI receives instructions to make a payment that falls into one of the categories do what? ANSWER Receive the payment order and place funds into a blocked account According to OFAC, when may blocked assets be released ANSWER Only when authorization from the U.S Treasury is received How many days do you have to notify OFAC in writing about interdictions related to narcotic trafficking or terrorism ANSWER 10 days