AAP Exam UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
When should a paper item be excluded from ACH conversion? - CORRECT
ANSWER Auxiliary On-Us Field within the MICR line is present
CFR Part 501 - Reporting Procedures REgulations - CORRECT ANSWER Where are
procedures for Blocking & Reporting of transaction violation of an Economic Sanctions
Program found?
"0" - CORRECT ANSWER What indicates a clean OFAC?
Field 10, IAT Entry Detail Record - CORRECT ANSWER What field is the OFAC
Screening Indicator?
10 banking days - CORRECT ANSWER How long does a FI acting as a Gateway have
to notify OFAC when an inbound entry is refused?
Inbound and Outbound IAT credit and debit transactions - CORRECT ANSWER What
transactions can FI acting as a Gateway process?
Outbound IAT debit and credit entries/Inbound credit entries - CORRECT
ANSWER What transactions can ACH Operator acting as a Gateway process?
Gateway - CORRECT ANSWER What is an ACH Operator or Participating DFI that
acts as an entry point to or exit point from the US for ACH payment transactions?
OFAC - CORRECT ANSWER Administers economic sanctions and embargo
programs against target countries and regimes and individuals/companies to accomplish
foreign policy and national security goals of the US.
, UCC 4a - CORRECT ANSWER Comprehensive body of state law that governs EFT
credit entries, Fedwire, ACH Network. Does not cover check or other debit transactions
(including ACH debits).
Regulation E - CORRECT ANSWER What implements the Electronic Funds Transfer
Act (EFTA)?
Regulation D - CORRECT ANSWER What imposes reserve requirements on certain
deposits?
UCC Article 4 - CORRECT ANSWER What governs check transactions?
Title 31 Code of Federal Regulations Part 210 (31 CFR Part 210) - CORRECT
ANSWER What controls Federal Government payments?
Truncated Entries (TCR/TCX) - CORRECT ANSWER Identifies batches of truncated
checks
Automated Enrollment Entry (ENR) - CORRECT ANSWER Allows DFIs to transmit
enrollment info to Federal Government agencies via the ACH network for future credit and
debit applications on behalf of both consumers and companies
Death Notification Entry (DNE) - CORRECT ANSWER Federal Govt agencies use to
notify a DFI that the recipient of a government benefit payment has died
COR - CORRECT ANSWER Used when originating a Notification of Change or
Refused Notification of Change
Automated Accounting Advice (ADV) - CORRECT ANSWER Identifies advices of
ACH accounting info in a machine readable format for participating DFIs
QUESTIONS AND CORRECT ANSWERS
When should a paper item be excluded from ACH conversion? - CORRECT
ANSWER Auxiliary On-Us Field within the MICR line is present
CFR Part 501 - Reporting Procedures REgulations - CORRECT ANSWER Where are
procedures for Blocking & Reporting of transaction violation of an Economic Sanctions
Program found?
"0" - CORRECT ANSWER What indicates a clean OFAC?
Field 10, IAT Entry Detail Record - CORRECT ANSWER What field is the OFAC
Screening Indicator?
10 banking days - CORRECT ANSWER How long does a FI acting as a Gateway have
to notify OFAC when an inbound entry is refused?
Inbound and Outbound IAT credit and debit transactions - CORRECT ANSWER What
transactions can FI acting as a Gateway process?
Outbound IAT debit and credit entries/Inbound credit entries - CORRECT
ANSWER What transactions can ACH Operator acting as a Gateway process?
Gateway - CORRECT ANSWER What is an ACH Operator or Participating DFI that
acts as an entry point to or exit point from the US for ACH payment transactions?
OFAC - CORRECT ANSWER Administers economic sanctions and embargo
programs against target countries and regimes and individuals/companies to accomplish
foreign policy and national security goals of the US.
, UCC 4a - CORRECT ANSWER Comprehensive body of state law that governs EFT
credit entries, Fedwire, ACH Network. Does not cover check or other debit transactions
(including ACH debits).
Regulation E - CORRECT ANSWER What implements the Electronic Funds Transfer
Act (EFTA)?
Regulation D - CORRECT ANSWER What imposes reserve requirements on certain
deposits?
UCC Article 4 - CORRECT ANSWER What governs check transactions?
Title 31 Code of Federal Regulations Part 210 (31 CFR Part 210) - CORRECT
ANSWER What controls Federal Government payments?
Truncated Entries (TCR/TCX) - CORRECT ANSWER Identifies batches of truncated
checks
Automated Enrollment Entry (ENR) - CORRECT ANSWER Allows DFIs to transmit
enrollment info to Federal Government agencies via the ACH network for future credit and
debit applications on behalf of both consumers and companies
Death Notification Entry (DNE) - CORRECT ANSWER Federal Govt agencies use to
notify a DFI that the recipient of a government benefit payment has died
COR - CORRECT ANSWER Used when originating a Notification of Change or
Refused Notification of Change
Automated Accounting Advice (ADV) - CORRECT ANSWER Identifies advices of
ACH accounting info in a machine readable format for participating DFIs
