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

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Prepare for the Cryptoasset Anti-Financial Crime Specialist (CCAS) Certification. Enhance your readiness with flashcards and multiple-choice questions, each supported by hints and explanations. Gear up for your exam!

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Which statement is accurate regarding customer due diligence (CDD)?

Customer transactions exceeding EUR15,000 should trigger CDD.
The non-face-to-face nature of the relationship contributes to the customer risk level.
No further CDD is required due to transactional transparency on the blockchain.
Only one Financial Action Task Force Recommendation should be applied by VASPs.

The correct answer is: The non-face-to-face nature of the relationship contributes to the customer risk level.

The accurate statement regarding customer due diligence (CDD) is that the non-face-to-face nature of the relationship contributes to the customer risk level. In the context of anti-financial crime measures, particularly in virtual asset service providers (VASPs), understanding the risk associated with customer relationships is crucial. When a customer is engaged in a non-face-to-face transaction, it becomes more challenging to verify their identity and assess potential risks associated with their activities. Remote interactions may lack the verification that in-person meetings provide, which can heighten the risk of money laundering and other illicit activities. As a result, enhanced CDD measures are often deemed necessary to mitigate these risks for customers who are engaged in non-traditional or remote transactions. The other statements describe inaccuracies in the context of CDD practices. For instance, while certain thresholds for transactions may require additional scrutiny, the specific threshold mentioned is not universally applicable for CDD. Additionally, transactional transparency on the blockchain does not negate the need for ongoing due diligence, as other risk factors must also be assessed. Moreover, multiple Financial Action Task Force (FATF) Recommendations must be considered rather than just one, highlighting the comprehensive approach needed to anti-money laundering and counter-terrorism financing efforts in the crypto asset realm.