CCI - Certified Cryptocurrency Investigator Cryptocurrency AML and Compliance Questions and Answers

Question 1

A compliance officer at a US-based cryptocurrency exchange notices a series of incoming transactions for a single customer over a 24-hour period.
The transactions are all from different wallets, each just under the $10,000 threshold, and total approximately $45,000.
This pattern is MOST indicative of which illicit activity?

Accepted Answer

Structuring

Answer

Insider trading

Answer

Market manipulation

Answer

A 51% attack

Question 2

Which international standard requires Virtual Asset Service Providers (VASPs) to obtain, hold, and transmit required originator and beneficiary information for virtual asset transfers?

Accepted Answer

The FATF 'Travel Rule'

Answer

The Bank Secrecy Act (BSA)

Answer

OFAC Sanctions Compliance

Answer

The FinCEN Customer Due Diligence (CDD) Rule

Question 3

A U.S.-based Virtual Asset Service Provider (VASP) is building its AML compliance program. Which of the following is NOT considered one of the core pillars required by the Bank Secrecy Act (BSA)?

Accepted Answer

Mandatory use of specific blockchain analytics software

Answer

A designated BSA Compliance Officer

Answer

Ongoing, relevant employee training

Answer

Independent testing of the AML program

Question 4

A user attempts to open an account at a cryptocurrency exchange from an IP address that geolocates to a comprehensively sanctioned jurisdiction. The VASP's compliance systems block the account creation. This action is a direct result of adhering to the requirements set by which U.S. agency?

Accepted Answer

The Office of Foreign Assets Control (OFAC)

Answer

The Financial Crimes Enforcement Network (FinCEN)

Answer

The Securities and Exchange Commission (SEC)

Answer

The Commodity Futures Trading Commission (CFTC)

Question 5

According to the Financial Action Task Force (FATF), which of the following would be considered a Virtual Asset Service Provider (VASP)?

Accepted Answer

A crypto-to-fiat exchange that facilitates trades on behalf of its customers.

Answer

An individual who mines cryptocurrency for their own account.

Answer

A software developer who writes the code for an open-source, non-custodial wallet.

Answer

An individual who uses cryptocurrency to purchase goods online.

Question 6

A money services business (MSB) in the U.S. detects a series of transactions involving a customer sending funds to wallet addresses associated with a known darknet market. The total value of these transactions is $7,500. What is the MSB's primary reporting obligation in this situation?

Accepted Answer

File a Suspicious Activity Report (SAR) because the transactions are linked to illicit activity.

Answer

File a Currency Transaction Report (CTR) because the activity is criminal.

Answer

No report is needed because the amount is below the $10,000 CTR threshold.

Answer

Report the activity directly to the Federal Bureau of Investigation (FBI).