Cryptoasset Anti-Financial Crime Specialist (CCAS) Certification Practice Test

What is the main technological solution required for virtual asset service providers to comply with the travel rule?

1. Transmitting unverified data in bulk.

2. Submitting accurate originator and beneficiary information.

3. Locating high-value counterpart VASPs.

4. Filing reports with law enforcement without delay.

The correct answer is: Submitting accurate originator and beneficiary information.

The correct answer is focused on the necessity for virtual asset service providers (VASPs) to submit accurate originator and beneficiary information. This requirement stems from the travel rule, which mandates that when a virtual asset transaction occurs between two VASPs, certain data must accompany the transaction. Specifically, the rule necessitates that information about the sender (originator) and recipient (beneficiary) is provided to ensure transparency and facilitate compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Accurate submission of this information is critical, as it aids in tracking the flow of funds and identifying the parties involved in transactions, which is essential for mitigating risks associated with illicit finance. By ensuring that this data is precise and complete, VASPs fulfill their obligations under the travel rule and contribute to a safer financial ecosystem. In the context of the other options, none addresses the core requirement as effectively as the accurate submission of originator and beneficiary information. Transmitting unverified data does not comply with the rule's aim of maintaining integrity and accountability. Locating high-value counterpart VASPs does not align with the direct compliance requirements, nor does filing reports with law enforcement, which although important, is unrelated to the specifics of the