CCAS ACAMS Certified Cryptoasset Anti-Financial Crime Specialist Examination Free Practice Exam Questions (2025 Updated)

The Board holds ultimate responsibility for policy approval under DFSA and FSRA AML rules, ensuring senior-level oversight.

Staff must report any suspicious activity immediately to the designated Money Laundering Reporting Officer (MLRO) or equivalent within their organization. The MLRO is responsible for assessing the suspicion and deciding on escalation to the relevant authorities.

Informing customers (A) could compromise investigations. Reporting directly to financial investigation units (B) is not the staff member’s role. Monitoring transactions without reporting (D) delays required action and risks regulatory non-compliance.

DFSA AML Module and FATF Recommendations emphasize timely internal reporting to designated officers as the first step in managing suspicious activity.

Criminals often move cryptoassets through multiple intermediary wallets (many “hops”) rapidly to obfuscate the transaction trail and avoid clustering, which blockchain analytics use to link related addresses.

Simply receiving large amounts (A), holding assets (B), or splitting movements (D) are less effective at preventing clustering.

Direct sending to a scam cluster indicates active involvement by the customer in potentially transferring funds associated with fraudulent activities. Sending funds directly to known scam addresses is a strong indicator of complicity or direct engagement.

Indirect flows (A and B) could be less conclusive, and direct receiving (D) may indicate victimhood rather than active involvement.

AML typologies and DFSA guidance identify direct outgoing transactions to scam clusters as significant red flags.

A token burn is the deliberate removal of tokens from circulation by sending them to an unspendable address. While sometimes legitimate, burns can also be misused for market manipulation.

Upon identifying customer engagement with unhosted wallets or P2P transfers, the first step a VASP should take is tocollect and assess dataon such transactions. This assessment helps determine if these activities fall within the firm's risk appetite and what enhanced controls or actions may be needed.

Immediate account freezing (B) is not the first step without assessment; neither is allowing transfers (A) without risk consideration. Enhancing risk frameworks (D) is important but follows from an initial data-driven risk assessment.

Relevant guidance:

FATF Recommendations and DFSA AML Module require VASPs to maintain a risk-based approach that begins with data collection and risk assessment on unhosted wallet transactions.

The DFSA’s 2023 Dear MLRO letters and thematic reviews stress proportionality and evidence-based responses rather than immediate punitive measures.

Enhanced due diligence (EDD) and risk mitigation measures, including potentially freezing accounts, come after assessment of the risk level【AML/VER25/05-24: Sections 4.1, 6.4, 13; 20230406Dear_MLRO_Letter_re_IEMS.pdf】.

Hence,Cis the appropriate first action.

Standard due diligence typically involves reviewing negative news and verifying beneficial ownership to understand the customer’s background and potential risk factors.

Dark web forums (B) and blockchain exposure (D) are more advanced or enhanced due diligence techniques, used when higher risk is identified.

Anonymity-enhanced cryptoassets employ specific technical features to obfuscate the details of transactions and the identities of users to reduce traceability and increase privacy. These include:

Automatic mixing (B):This refers to mechanisms such as coin mixers or tumblers that combine multiple transactions from different users into one batch and redistribute them, breaking the direct transaction link and obscuring the audit trail.

Cryptographic enhancements (D):Techniques such as zero-knowledge proofs, ring signatures, stealth addresses, and confidential transactions are cryptographic protocols that conceal sender, receiver, and transaction amount information, making the blockchain ledger less transparent.

Other options explained:

Proof-of-stake mining (A)is a consensus mechanism and not related to anonymity features.

Secure hashing algorithm 256 (C)is a cryptographic hash function standard but does not directly enhance anonymity.

MetaMask wallet (E)is a non-custodial wallet used mainly for Ethereum and tokens but is not an anonymity tool.

References from official crypto AML guidance and typology papers:

DFSA AML Module and thematic reviews highlight these anonymity techniques as high-risk indicators requiring enhanced due diligence (EDD).

UAE typology papers and FATF virtual asset guidance emphasize the risk posed by anonymity-enhanced cryptoassets using automatic mixing and cryptographic enhancements to circumvent AML controls【AML/VER25/05-24: Sections 6.4, 7.3; 31.92._TFS_Typology_Paper_Eng__4.pdf】.

Consortium blockchains are semi-private networks where governance is shared among authorized participants, offering a balance between decentralization and access control.