Online Access Free CCAS Practice Test

Which is the first action a virtual asset service provider (VASP) should take when it finds out that its customers are engaging in virtual asset (VA) transfers related to unhosted wallets and peer-to-peer (P2P) transactions?

• A.Freeze accounts with records of transactions related to P2P transactions or unhosted wallets.
• B.Enhance existing risk-based control framework to account for specific risks posed by transactions related to P2P or unhosted wallets.
• C.Allow VA transfers related P2P or unhosted wallets below 1,000 USD or the equivalent amount in local currency, or per defined thresholds in local regulations.
• D.Collect and assess the data on transactions related to P2P or unhosted wallets to determine if it is within its risk appetite.

In cryptoasset compliance, "integration" refers to:

• A.Converting illicit crypto into fiat or legitimate assets.
• B.Transferring crypto between wallets.
• C.Mixing crypto to hide origins.
• D.Staking assets to earn rewards.

Which cryptoasset type is most associated with anonymity risk?

• A.Stablecoin
• B.Security token
• C.Privacy coin
• D.Governance token

Which are common red flags that indicate fraudulent activity in a decentralized finance marketplace? (Select Two.)

• A.A token is introduced, is endorsed by high-profile celebrities, and the price of the coin steadily rises; there is no significant activity of selling the coin.
• B.A coin is launched, has a low social media presence, has many wallet addresses controlling its supply, and has an original white paper published.
• C.A non-fungible token is shared privately among a community of supporters via a non-fungible token airdrop; it is not linked to a specific web address to allow for trading.
• D.A coin is launched using an untested protocol; only a small number of wallets control the supply.
• E.A crypto entity is launched, has a bustling social media presence, and offers limited free non-fungible token incentives in exchange for new customer trading.

Which key type of information allows financial intelligence units to combat the risk of anonymity in virtual currencies?

• A.The data connecting the transaction information to the virtual address
• B.The data referring to the timing of the transaction
• C.The data reconciling the transaction and the identity of the receiver
• D.The data associating the virtual address to the identity of the owner