Cryptoasset Anti-Financial Crime Specialist (CCAS) Certification Practice Test

What are two main transaction threshold rules a compliance officer should focus on in a transaction monitoring system?

1. Beneficial ownership.

2. Statistical analysis.

3. Customer onboarding.

4. Customer segmentation.

The correct answer is: Statistical analysis.

Focusing on statistical analysis as a central component of transaction threshold rules in a transaction monitoring system is crucial for compliance officers. Statistical analysis involves evaluating transaction patterns, volume, and anomalies that can indicate potential illicit activity, such as money laundering or financing of terrorism. By establishing thresholds based on statistical norms, compliance officers can effectively detect unusual activities that deviate from expected behaviors for specific customer profiles, sectors, or transaction types. This approach not only aids in identifying suspicious transactions but also allows for the continuous refinement of the monitoring system, ensuring it adapts to evolving transaction patterns over time. By leveraging statistical analysis, compliance teams can enhance their ability to safeguard the organization against financial crimes while maintaining compliance with regulatory requirements. The other aspects mentioned, such as beneficial ownership, customer onboarding, and customer segmentation, play important roles in the broader compliance framework but do not specifically address the direct monitoring of transaction thresholds as effectively as statistical analysis does. Understanding the statistical norms is fundamental in developing a robust transaction monitoring system capable of flagging suspicious activities when they occur.