Free CCI Legal Compliance Questions and Answers

Question 1

What is AML in the context of cryptocurrency?

Accepted Answer

Anti-Money Laundering

Answer

Asset Management Ledger

Answer

Anonymous Market Ledger

Answer

Automated Mining Loop

Question 2

What does KYC stand for?

Accepted Answer

Know Your Customer

Answer

Keep Your Crypto

Answer

Know Your Client

Answer

Keep Your Coins

Question 3

Which agency enforces financial crime laws in the U.S.?

Accepted Answer

FinCEN

Answer

NASA

Answer

SEC

Answer

DEA

Question 4

Why are cryptocurrency exchanges required to follow compliance regulations?

Accepted Answer

To prevent financial crimes

Answer

To allow unlimited trading

Answer

To generate more profits

Answer

To increase mining output

Question 5

Which global group sets AML guidelines?

Accepted Answer

FATF

Answer

FEMA

Answer

WHO

Answer

UNESCO

Question 6

What is the purpose of a Suspicious Activity Report (SAR)?

Accepted Answer

To notify financial regulators of questionable activity

Answer

To approve large transfers

Answer

To change customer passwords

Answer

To delete transaction history

Question 7

What role do regulators play in the crypto space?

Accepted Answer

They oversee legal compliance and protect markets

Answer

They create new coins

Answer

They control mining rewards

Answer

They block all transactions

Question 8

What does the SEC regulate?

Accepted Answer

Securities and exchanges

Answer

Food safety

Answer

Medical devices

Answer

Energy policies

Question 9

Why is regulatory compliance essential in investigations?

Accepted Answer

To meet legal standards and support prosecutions

Answer

To avoid writing reports

Answer

To prevent system updates

Answer

To increase exchange fees