Online Access Free CCAS Practice Test

Under DIFC AML regulations, enhanced due diligence (EDD) is mandatory when:

• A.The transaction is above USD 1,000.
• B.The customer is a retail investor.
• C.The customer is from a high-risk jurisdiction.
• D.A customer is a domestic bank.

Under the risk-based approach, firms must:

• A.Only monitor transactions over USD 10,000
• B.Avoid onboarding high-risk customers
• C.Adjust controls based on customer and transaction risk level
• D.Apply the same level of due diligence to all customers

According to the Financial Action Task Force report, "Virtual Assets Red Flag Indicators", which activity is a red flag related to anonymity?

• A.Engaging in abnormal transactional activity of virtual assets cashed out at exchanges from peer-to-peer hosted wallets with no logical business explanation
• B.Executing multiple high-value transactions after a period of inactivity from the client
• C.Conducting Bitcoin-fiat currency exchanges at a potential loss
• D.Making frequent transfers in a certain period of time (e.g., a day, a week, a month) to the same virtual asset account with a well-known virtual asset service provider

What Is the purpose of applying learning (ML) or artificial Intelligence (Al) within a compliance framework? (Select two.)

• A.To focus skilled resource on higher value activity
• B.To enhance efficiency
• C.To reduce the requirement for risk assessment
• D.To reduce headcount

In cryptoasset AML programs, "ongoing monitoring" means:

• A.Continuous review of transactions to detect anomalies
• B.Freezing all suspicious accounts
• C.Checking customer activity only when onboarding
• D.Only screening customers for sanctions once