Certified Cryptoasset Anti-Financial Crime Specialist Examination Questions and Answers
Question 29
Under the risk-based approach, firms must:
Options:
A.
Apply the same level of due diligence to all customers
B.
Adjust controls based on customer and transaction risk level
C.
Avoid onboarding high-risk customers
D.
Only monitor transactions over USD 10,000
Answer:
B
Explanation:
The risk-based approach requires tailoring AML/CFT controls to the level of assessed risk, enhancing due diligence for higher-risk customers.
Question 30
Misconfigured smart contracts can allow which type of scam to occur?
Options:
A.
Phishing
B.
SIM
C.
Rug pull
D.
Ransomware
Answer:
C
Explanation:
Misconfigured or poorly designed smart contracts can enable rug pull scams, where developers create fraudulent decentralized finance (DeFi) projects or tokens and then withdraw liquidity or funds abruptly, leaving investors with worthless assets.
Phishing (A) and SIM attacks (B) relate to social engineering and telecom fraud, respectively, and ransomware (D) is malware demanding payment. Rug pulls specifically exploit smart contract vulnerabilities.
The DFSA and AML thematic reviews on crypto highlight rug pull scams as a key operational and financial crime risk linked to smart contract vulnerabilities.
