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

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Study for the Cryptoasset Anti-Financial Crime Specialist (CCAS) Certification. Prepare with comprehensive content tailored to cryptoasset anti-financial crime strategies. Master the exam format and excel on your test!

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Which cryptoasset exchange type is most at risk for money laundering?

  1. A centralized cryptoasset exchange, registered as a money service business

  2. A cryptoasset automated teller machine (ATM) that requires KYC

  3. A cryptoasset exchange with publicly traded shares

  4. An individual peer-to-peer exchanger who accepts cash for cryptoassets

The correct answer is: An individual peer-to-peer exchanger who accepts cash for cryptoassets

The individual peer-to-peer exchanger who accepts cash for cryptoassets is most at risk for money laundering due to the inherently decentralized and less regulated nature of peer-to-peer transactions. Unlike centralized exchanges, which operate under strict regulations and often implement Know Your Customer (KYC) requirements, peer-to-peer exchanges allow individuals to trade directly with one another, often with little oversight or verification of identity. This environment makes it easier for individuals to engage in illicit activities since the anonymity associated with such exchanges can facilitate transactions that evade traditional banking scrutiny. Cash transactions further heighten this risk, as they are untraceable and can be used to obscure the origins of funds. Additionally, the absence of rigorous compliance measures allows for the potential influx of criminal proceeds, making peer-to-peer exchanges attractive conduits for money laundering schemes. The other options, such as centralized exchanges and crypto ATMs with KYC requirements, have built-in mechanisms to deter and track illicit activities, thus making them less susceptible to being exploited for money laundering. These mechanisms include mandatory identity verification and transaction monitoring, which significantly reduce the likelihood of their use in facilitating illicit financial activities.