Compliance Challenges with Crypto Exchanges

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Compliance Challenges with Crypto Exchanges - What Can Go Wrong!

In order to pass you need to obtain 50% and above

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Full Name (This name will be printed on your certificate) *

1. Which of the following are considered as core elements of FINCEN CDD Rules (Choose all that apply) *

1 point

1. Customer identification program (CIP) to identify and verify identity of customers

2. Identify and verify identity of BOs of legal entities

3. Understand nature and purpose of customer relationship to develop customer risk profile, and

4. Conduct ongoing monitoring to identify and report suspicious transactions, and risk-based update of customer information.

Required

2. MSBs required to register with FinCEN and be licensed by each state in which they do business. *

1 point

True

False

3. Which of the following are generally considered red flags for errant exchanges? Choose ALL that apply. *

1 point

A. Advertises anonymity

B. Unclear geographic location and/or movement from one jurisdiction to another

C. Fails to request meaningful PII and/or identity documents

D. Fails to adhere to national requirements

Required

4. How much fine did FINCEN and CFTC impose on BitMEX for willful violations of the BSA? *

1 point

A. $100 Million

B. $10 Million

C. $1 Billion

D. $10 Billion

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