CAMS · Question #785
Common risks associated with cryptocurrency and convertible virtual currencies include: (Choose three.)
The correct answer is B. obscuring the source of illicit funds. C. layering transactions to hide the origin of funds derived from illicit activity. E. facilitating payment for other illicit activities and goods. Cryptocurrency and convertible virtual currencies present common financial crime risks such as obscuring the origin of illicit funds, being used to layer transactions for money laundering, and facilitating payments for illegal goods and services due to their pseudo-anonymous…
Question
Common risks associated with cryptocurrency and convertible virtual currencies include: (Choose three.)
Options
- Afunds being stolen from other users.
- Bobscuring the source of illicit funds.
- Clayering transactions to hide the origin of funds derived from illicit activity.
- Ddifficulty converting into physical currency.
- Efacilitating payment for other illicit activities and goods.
How the community answered
(29 responses)- A7% (2)
- B83% (24)
- D10% (3)
Explanation
Cryptocurrency and convertible virtual currencies present common financial crime risks such as obscuring the origin of illicit funds, being used to layer transactions for money laundering, and facilitating payments for illegal goods and services due to their pseudo-anonymous and borderless nature.
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