What is the Securities Act of 1933 and the Securities Exchange Act of 1934?
100
BMO follows this oversight model when it comes to managing risk and complying with laws, regulations, and regulatory expectations.
What is the Three-Lines-of-Defense Model?
100
This law applies to all customers and requires all customers to be given the opportunity to apply for credit without consideration of whether they are a member of a protected class.
What is the Equal Credit Opportunity Act ("ECOA")/Reg B?
100
Name this regulator: central bank body of the US which promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the US and abroad.
What is the Federal Reserve?
200
This is a set of guidelines which outlines ethical behavior for employees.
What is the Code of Conduct?
200
This law governs the actions of Investment Advisors.
What is the Investment Advisers Act of 1940?
200
This type of approach allows BMO to plan, allocate resources, and execute activities and processes according to the level of risk.
What is a Risk-Based Approach?
200
This regulation applies to all customers requires that customers be notified in a timely fashion of decision made with respect to their applications for credit.
What is the Equal Credit Opportunity Act ("ECOA")/Reg B?
200
Name this regulator: charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks.
What is the Office of the Comptroller of the Currency ("OCC")?
300
These types of risks are typically managed/overseen by Compliance.
What are Legal and Regulatory risks?
300
This law governs transactions between a bank and its affiliates.
What is Regulation W?
300
BMO considers these different types of risks as factors for which to develop a risk profile by.
What are Current and Emerging Risks?
300
This regulation deals with far reaching consequences to capture activity such as disclosure, payment applications, account/opening closing processing, and collecting activities.
What is Unfair, Deceptive, or Abusive Acts or Practices ("UDAAP")?
300
Name this regulator: protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law.
What is the Consumer Financial Protection Bureau ("CFPB")?
400
This group is accountable for complying with laws, regulations, and regulatory expectations and manages risk that arises from their activities.
What is the First Line of Defense?
400
This Act was passed following the 2008 Financial Crisis to regulate risky behavior.
What is the Dodd-Frank Act?
400
This is a keystone pillar, which assesses regulatory compliance risk and impacts multiple areas of the ECP.
What is a Risk Assessment (RCRA)?
400
This Rule governs broker-dealers with market access, or which provide a customer or any other person, with access to an Exchange or ATS.
What is the FINRA Market Access Rule; Rule 15c3-5?
400
Name this regulator: an independent agency of the Government of Canada, established in 1987 to contribute to the safety and soundness of the Canadian financial system. It supervises and regulates federally registered banks.
What is the Office of the Superintendent of Financial Institutions ("OSFI")?
500
This group provides independent effective challenge, guidance, and oversight to the First Line.
What is the Second Line of Defense?
500
This Regulation establishes reserve requirement guidelines.
What is Regulation D (Federal Reserve)?
500
This statement dictates how much risk BMO is willing to accept in daily operations to achieve business objectives.
What is a Risk Appetite Statement?
500
This is the name of the new technology trend changing regulatory compliance.
What is RegTech?
500
Name this regulator: independent agency of the US government created in 1974, that regulates futures, swaps, and option markets.
What is the Commodity Futures Trading Commission ("CFTC")?