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

Which guidelines have improved international transparency of cryptoassets?

1. Wolfsberg Group payment transparency standards

2. Financial Action Task Force Recommendations

3. Financial Crimes Enforcement Network currency reporting

4. OECD Common Reporting Standards

The correct answer is: OECD Common Reporting Standards

The guidelines that have improved international transparency of cryptoassets primarily stem from the recommendations put forth by the Financial Action Task Force (FATF). These recommendations include a framework that jurisdictions around the world are encouraged to implement to combat money laundering and terrorist financing risks related to virtual assets and service providers. The FATF has specifically outlined how countries should enhance transparency in the cryptoasset market, requiring measures such as customer due diligence, effective monitoring, and the sharing of information among nations. While the other options address various aspects of financial crime and transparency, they do not specifically target the unique challenges posed by cryptoassets in the same comprehensive manner as the FATF recommendations. The FATF emphasizes international cooperation and standardized approaches, which are crucial for ensuring that the rapidly evolving nature of cryptoassets is adequately managed in terms of financial crime prevention. This is why the FATF recommendations are regarded as key in improving the transparency of cryptoassets at an international level.