APRP EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

APRP EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 PCI Assess - AnswersIdentifying all locations of cardholder data, taking an inventory of your IT assets and business processes for payment card processing and analyzing them for vulnerabilities that could expose cardholder data. PCI Repair - Answersfixing identified vulnerabilities, securely removing any unnecessary cardholder data storage and implementing secure business processes. PCI Report - AnswersDocumenting assessment and remediation details and submitting compliance reports to acquiring bank and card brands you do business with. Who is responsible for managing security standards - AnswersThe Council Who does PCI apply to? - AnswersApplies to all entities that store, process, and or transmit cardholder data. How many data breaches? - Answers22% card track data 18% card not present 16% financial/user credentials PCI - AnswersDoes not supercede local laws and regulations it is a contractual agreement PCI Goals - Answers1. Build and maintain secure network and systems 2. Protect Cardholder Data 3. Maintain a vulnerability program 4. Implement Strong Access control measures 5. Regularly monitor and test networks 6. Maintain an information security policy PCI Goal 1: Build and maintain secure networks and systems - Answers1. Install and maintain firewall configuration to protect card holder data 2. do not use vendor supplied defaults for system passwords or other security parameters PCI Goal 2: Protect Stored Cardholder data - Answers1. Protect stored cardholder data 2. Encrypt transmissions of cardholder data across open public networks PCI Goal 3: Maintain a vulnerability program - Answers1. Protect all systems against malware and regularly update antivirus software or program 2. Develop and maintain secure systems and applications PCI Goal 4: Implement Strong Access Control measures - Answers1. Restrict access to cardholder data by business need to know 2. identify and authenticate access to systems components 3. Restrict physical access to cardholder data PCI Goal 5: Regularly monitor and test networks - Answers1. Track and monitor all access to network resources and cardholder data 2. Regularly test security systems and processes PCI Goal 6: maintain an information security policy - Answers1. maintain a policy that addresses information security for all personnel. Cardholder data includes: - Answers1. Primary account number 2. cardholder name 3. expiration date 4. service code What numbers can be shown from a card - Answersthe 1st six or last 4 ACH Operators - AnswersResponsible for editing electronic entries received from other ACH Operators or ODFI submitting them for processing and for providing settlement between the ODFIs and RDFIs. Monetary Control Act - AnswersPrivate Sectors ACH Operators were encourage to compete with the FR which could no longer offer its services free of charge Who participates in an ACH - Answers1. Originator 2. ODFI 3.ACH Operator 4. RDFI 5. The receiver Same day limit - Answers$100,000 Same Day time periods - Answers10:30am w/ 1pm settlement 2:45pm w/ 5pm settlement 4:45pm w/ 6pm settlement Unauthorized Entry Fee - AnswersWhen an ODFI originates a debit entry to a RDFI to transfer funds from the receivers account to an originators account and entry is returned on the basis that it is unauthorized the ODFI agrees to pay the fee to the RDFI Credit Risk for ODFI Credits ACH: - Answers temporary credit risk during the period after a company initiates an ACH Credit file but before it funds the account associated Typically happens on settlement date ACH Rules do not allow an ODFI to reverse ACH credits if the originator fails to fund its ODFI account Credit Risk for ODFI Debits ACH: - Answers an ODFI incurs credit risk from the day an originating company has ACH debit funds available until the RDFI can no longer return the ACH Debit Transactions When is settlement final for Federal Reserve Bank ACH Credit Transactions - Answers8:30am When is settlement final for ACH Debit Transactions - Answers11:00am on settlement day (assuming the RDFI has sufficient funds and there are no returns) What does settlement not apply to? - AnswersACH credits When must the RDFI return debit entries - Answers60 days What gives the Federal Reserve the right to reverse settlement for credit transactions until 8:30am on the business day following the settlement date - AnswersFederal Reserve Uniform ACH Operating Circular 4 Credit Risk with ACH Credit Entries - AnswersThe ODFI incurs credit risk upon initiating the entries until its customer funds the account at settlement The RDFI incurs credit risk if it grants its customer funds availability prior to settlement of the credit entry Credit Risk with ACH Debit Entries - AnswersThe ODFI incurs credit risk from the time it grants its customer funds availability until the ACH debit can no longer be returned by the RDFI The RDFI credit risk from a debit entry rises if it allows the debit to post and overdraw its customers account How long must a participating DFI keep records for ACH entries - Answers6 years Title 31 Code of Federal Regulations Part 210 - AnswersGoverns the processing of Federal Government ACH Payments National System of Fines - AnswersEscalating level of penalties against repetitive cases of violation of NACHA rules What Governs ACH Debits to consumer accounts? - AnswersEFTA and Reg E If an unauthorized debit is posted to a consumers account Reg E gives consumers how many days to report? - Answers60 days If an entry is returned for insufficient or uncollected funds how many times may they be reinitiated? - AnswersTwo times within 180 days Reversals may be sent within what? - Answers5 banking days of effective date What is considered a NACHA Violation? - AnswersTo reinitiate entries for any other reasons other than uncollected funds or insufficient funds How many years must the originator retain a reproducible record of authorization - Answers2 years 31 CFR Part 210 - AnswersGoverns all entries by ACH except federal tax payments received by the federal government through the ACH system by part 203 AND ACH credit or debits entries for the purchase or payment of principal and interest on US Securities government by part 370 Uniform Code Article 4 - AnswersGoverns check collection outside the Federal Reserve Bank. Uniform Code Article 4A - AnswersGoverns wholesale credit transfers which include wired funds and CCD & CTX credit entries Reg E - AnswersImplemented through Reg E (intended to protect individual consumers engaging in EFT and remittance transfers According to Reg E do banks need to provide opt in notice - AnswersNo According to Reg E, Banks must either investigate and correct error with how many days? - Answers10 Business Days (or provisionally re-credit notify customer and correct any error within 45 calendar days - 3 days to notify customers) What must be on an ATM Receipt - Answersterminal and location When must Reg E disclosures must be provided? - AnswersEither at the time the account opened or before the first EFT occurs How many days between statements - Answers60 days How many days notice must a bank give when fees change increasing or charges related EFT - Answers21 day OFAC - Office of Foreign Assets Control - AnswersAdministers and enforces economic and trade sanctions against foreign countries and terrorist organizations. OFAC - AnswersSDNs 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? - AnswersReceive the payment order and place funds into a blocked account According to OFAC, when may blocked assets be released - AnswersOnly 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 - Answers10 days Who is responsible for tracking the amount of blocked funds, ownership of those funds, and interest made. When must it be reported - AnswersThe bank is responsible and 09/30 of each year Regulation D - Answersestablishes reserve requirements and identifies non-transactions accounts According to Reg D, what is the limit of transfers on a non transaction account - Answers6 Reserve requirements, are what percentage of the DFI net transactions account - Answers3-10% Examples of Operations Risk with ACH Payments - AnswersMissed transmission deadlines Inadequate training / procedures clerical errors hardware / software failures Exposure Limits - AnswersMitigate credit risk Title 31 of the Code of Federal Regulation (CFR) Part 370 - AnswersGoverns the handling of payments for the bureau of Public Debt made through ACH Network EFT relating to U.S Securities Title 31 of the Code of Federal Regulation (CFR) Part 203 - AnswersProvides rules for FI's institutions that use EFT to process Federal Tax Payments the EFTP Business Resiliency - AnswersThe ability of an organization to quickly adapt to disruptions while continuing business operations and safeguarding people, assets, and brand. First asses risk, then create a strategy to mitigate those risk. Business Continuity - AnswersPlanning and preparation to ensure that an ACH Participant can either continue to operate in case of service disruptions Information Security - AnswersThe protection of information against unauthorized access to or modification of ACH information. Operational Controls - AnswersFile, data, dollar, processing limits and payment operations control as well as verification of third party senders and originators and information reporting Single Message Transaction - AnswersWhen a card transaction is authorized with a PIN Dual Message Transactions - AnswersAuthenticated with a signature rather than a PIN When does a single message transaction settle - AnswersBoth clearing and settlement take place at the time of purchase When does a dual message transaction settle - AnswersClearing takes one day and settlement within two days Payment Cards - AnswersForm of credit, charge, debit, prepaid debit cards (gift, travel, payroll) Credit Cards - Answerscredit and fraud losses are two of the most significant credit card related risk to a FI Credit Risk for Cards - Answers1. contractual delinquency and bankruptcy account for the majority of credit card charge offs Fraud Risk for Cards - Answers1. unauthorized use of lost or stolen cards, fraudulent applications, counterfeit or altered cards, and the unauthorized use of a cardholders credit card number for card not present transactions Decoupled - Answerspermit a FI or merchant to issue a debit card to consumers regardless of where their demand deposits or other transactions accounts are held comes with credit risk uses ach network Credit risk for cards - Answers1. a merchant declares bankruptcy commits fraud or is otherwise unable to pay its chargebacks the acquiring FI must pay the issuing FI 2. EMV card issuer may encounter credit risk with fall back transactions