Free CCAS — Certified Cryptoasset Anti-Financial Crime Specialist Exam Questions and Answers

Which of the following is an advantage of cryptoasset transfers compared with payments made through the traditional banking system?

• AA. Mistaken transfers can be recalled by the network operator when the sender asks
• BB. Value stays steady against national currencies because supply adjusts to demand
• CC. Transfer fees are set by regulators and do not rise when the network is congested
• DD. Transfers can settle at any hour, including weekends, without bank cut-off times

A VASP onboarded an individual customer last year and rated the customer low risk based on a stated monthly trading volume of USD 4,000. Over the past quarter, monitoring shows the customer's monthly volume has grown to about USD 380,000, with frequent deposits from several external addresses. The customer has not contacted the VASP about any change. What should the compliance officer do NEXT?

• AA. Re-rate the customer and apply enhanced due diligence, including source of funds for the new volume
• BB. Keep the low rating, since the customer passed CDD at onboarding and no account limit was breached
• CC. Close the account and file a SAR/STR, since the volume is far above the profile given at onboarding
• DD. Send the customer an updated terms-of-service document and continue monitoring at the current level

An analyst at an exchange reviews 14 unrelated retail accounts opened within three weeks. Each account receives several stablecoin deposits just below the exchange's enhanced review threshold from the same cluster of external addresses, and within hours sends about 90 percent of the funds to one address at another exchange. Two account holders said they answered an online job advertisement for "payment processing" work. Which of the following BEST describes this activity?

• AA. Nested exchange activity in which another VASP uses the accounts to serve its own customers
• BB. Smurfing by a single customer who opened several accounts under different identities
• CC. Money mules recruited to receive and forward funds on behalf of a third party
• DD. A peel chain in which funds move through a series of change addresses

A VASP's business team wants to list a newly issued token. The blockchain analytics tool the VASP subscribes to rates the token high risk, citing that 80 percent of the supply sits in ten wallets and that the issuer is not identified. The business team points out that several large exchanges already list the token and asks compliance to approve it. What should the compliance officer do FIRST?

• AA. Approve the listing, relying on the due diligence the other large exchanges have already completed
• BB. Assess the factors behind the tool's rating against the VASP's listing criteria and document the conclusion
• CC. Ask the vendor to re-score the token using the trading volume reported by the other exchanges
• DD. Decline the listing, treating the vendor's high-risk rating as placing the token outside risk appetite

Which of the following statements about cryptoassets and virtual assets are correct? (Choose two.)

Select 2 answers.

• AA. The FATF definition of a virtual asset excludes digital representations of fiat currencies
• BB. The Bitcoin network began operating in 2009, after the white paper published under the name Satoshi Nakamoto
• CC. The FATF definition of a virtual asset applies only to assets recorded on a public blockchain
• DD. The FATF definition of a virtual asset includes central bank digital currencies

An analyst at a VASP traces a customer's Bitcoin withdrawal to a self-hosted wallet. The funds are then swapped through a non-custodial swap service for Monero, and a similar value later appears at an exchange in another jurisdiction. Which of the following is the MOST significant concern for the analyst?

• AA. Monero hides senders, recipients and amounts, which limits tracing after the swap
• BB. Monero uses proof of work, which leaves the network exposed to a 51% attack
• CC. The swap service is non-custodial, so no FATF standard applies to any party in the swap
• DD. Monero transfers fall outside the travel rule, so the exchanges share no originator data

An investigator finds a wallet with transactions leading to a company suspected of fraud. What should they do first?

• AA. Shut down the wallet
• BB. Contact law enforcement
• CC. Analyze the wallet transaction history
• DD. Report to a superior

During a routine audit, an employee discovers unusual withdrawals from the company account. What is the best course of action?

• AA. Ignore it, as it's not their job
• BB. Conduct a personal investigation
• CC. Notify management immediately
• DD. Wait for more transactions

A bank freezes a customer's account due to suspected money laundering. What must be reported?

• AA. Transaction report
• BB. Account balance
• CC. Suspicion of money laundering
• DD. Customer's personal information

A crypto exchange notices a significant increase in large transactions from a new user. What is the best next step?

• AA. Close down the exchange
• BB. Monitor the user for further behavior
• CC. Freeze the account immediately
• DD. Ignore it if the account is verified