APRP Exam With 50 Questions & Correct Answers
D
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
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
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
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
, 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
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
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
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
An effective BSA/AML/OFAC compliance program consists of:
a. Procedures to identify cross-channel risk
D
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
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
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
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
, 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
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
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
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
An effective BSA/AML/OFAC compliance program consists of:
a. Procedures to identify cross-channel risk
