Regulatory Framework & Requirements Flashcards
7 cards from real CCM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Regulatory Framework & Requirements flashcards as text
Under the Bank Secrecy Act (BSA), what is the currency transaction reporting threshold that triggers a mandatory CTR filing?
Answer: $10,000
The BSA requires financial institutions to file a Currency Transaction Report (CTR) for any cash transaction exceeding $10,000 in a single business day.
Which federal agency enforces the Foreign Corrupt Practices Act (FCPA) in relation to securities issuers?
Answer: Securities and Exchange Commission
The SEC enforces the FCPA's anti-bribery and accounting provisions against companies registered with it, while the DOJ handles criminal enforcement for all entities.
A company subject to GDPR receives a data subject access request. What is the standard response deadline?
Answer: 30 calendar days
GDPR Article 12 requires controllers to respond to data subject access requests within one month (approximately 30 days), extendable by two additional months for complex cases.
Which element is NOT a required component of an effective compliance program under the Federal Sentencing Guidelines?
Answer: Mandatory annual board certification
The Federal Sentencing Guidelines identify seven hallmarks of an effective program; mandatory annual board certification is not among them, though board oversight is expected.
The Dodd-Frank Act's whistleblower program, administered by the SEC, requires a minimum threshold of original information about potential securities violations. What is that threshold?
Answer: The potential violation must result in a sanction exceeding $1 million
Under Dodd-Frank, SEC whistleblower awards are only available when enforcement actions result in sanctions exceeding $1 million, ensuring the program targets significant violations.
Which of the following best describes a 'safe harbor' provision in compliance law?
Answer: A legal protection shielding compliant entities from certain liabilities
A safe harbor provision provides legal protection to persons or entities that meet specified conditions, shielding them from liability even if their actions would otherwise violate the law.
Under HIPAA's Privacy Rule, which category of individuals is authorized to grant a 'personal representative' the right to access a patient's protected health information?
Answer: Adults and emancipated minors with capacity to make health care decisions
HIPAA's personal representative rules allow adults and emancipated minors who have decision-making capacity to designate someone to act on their behalf regarding their PHI.