Acams CCAS - Acams Certified Cryptoasset Anti-Financial Crime Specialist Examination Certification Exam
Question #1 (Topic: Demo Questions)
Which level of an organization is ultimately responsible for risk oversight?
Correct Answer: D
Explanation:
The ultimate responsibility for risk oversight lies with the Board of Directors. Senior management and the board have the fiduciary and governance duty to ensure that an effective risk management framework, including AML/CFT controls and cryptoasset-specific risks, is in place and functioning properly. The DFSA GEN Module and AML Module explicitly allocate the highest accountability for compliance and risk oversight to the Board of Directors, while first and second lines support implementation and oversight respectively. The Chief Risk Officer (CRO) supports risk management but the board maintains ultimate accountability. Key extracts: GEN Module, Chapter 5: “Responsibility for compliance lies with every member of senior management, with ultimate oversight by the Board.” AML Module Section 1.2 & 4.1: “Senior management and Board must ensure appropriate systems and controls for AML/CFT risk management.” FATF Recommendation 2 underscores that senior management and boards are accountable for effective AML governance【GEN/VER64/05-24: Chapter 5; AML/VER25/05-24: Sections 1.2, 4.1】. Thus, D is the correct answer.
Question #2 (Topic: Demo Questions)
What is indirect exposure in regards to blockchain analytics transaction monitoring?
Correct Answer: B
Explanation:
Indirect exposure refers to a situation where cryptoassets are not directly associated with illicit activity but have transactional links through other addresses that are associated with risky or illicit behavior. Blockchain analytics tools detect these indirect links to flagged addresses, allowing firms to assess risk based on network connections rather than direct ownership or activity. The DFSA AML guidance and international FATF Virtual Assets guidance explain that indirect exposure is a critical concept for transaction monitoring as it broadens the detection scope beyond direct transactions, flagging assets that might be “tainted” through intermediary addresses. Reference: FATF Guidance on Virtual Assets and VASPs emphasizes monitoring both direct and indirect exposure of wallets to illicit activity. DFSA AML Module Section 13 on Suspicious Activity Reports requires firms to incorporate indirect exposure assessments in their monitoring systems【AML/VER25/05-24: Sections 4.1, 6.3, 13.3; FATF VA Guidance 2021】. Therefore, B is the correct definition.
Question #3 (Topic: Demo Questions)
Which type of crypto asset is explicitly designed to maintain a stable value?
Correct Answer: B
Explanation:
Stable coins aim to maintain value stability by pegging to assets like fiat currency or commodities. Regulators stress monitoring stable coin reserve transparency to prevent misuse for layering illicit funds.
Question #4 (Topic: Demo Questions)
Which blockchain features built-in privacy measures to prevent tracing and conceal ownership and flow of illicit funds?
Correct Answer: D
Explanation:
Monero is a privacy-focused blockchain designed with built-in features like ring signatures, stealth addresses, and confidential transactions to obfuscate sender, receiver, and transaction amounts, making tracing difficult.
Monero is a privacy-focused blockchain designed with built-in features like ring signatures, stealth addresses, and confidential transactions to obfuscate sender, receiver, and transaction amounts, making tracing difficult.
Cardano, Polygon, and Ethereum are not designed primarily with these privacy features and have publicly traceable ledgers, although privacy solutions may be layered on.
Question #5 (Topic: Demo Questions)
Which of the following would you review as part of standard due diligence? (Select Two.)
Correct Answer: A, C
Explanation:
Standard due diligence typically involves reviewing negative news and verifying beneficial ownership to understand the customer’s background and potential risk factors.