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

Which technique involves removing key identifying information from payment messages?

1. Stripping

2. Concealment

3. Structuring

4. Screening

The correct answer is: Stripping

The technique that involves removing key identifying information from payment messages is known as stripping. This practice is often employed to obscure the origin and purpose of transactions, making it more difficult for authorities to trace the flow of funds and identify the parties involved. Stripping can be an attempt to evade regulatory scrutiny and can facilitate money laundering or other illicit activities by hiding the true nature of the transaction. In contrast to stripping, concealment refers to methods used to hide assets or their sources without necessarily altering the information within payment messages. Structuring involves breaking down large amounts of money into smaller, less suspicious transactions to avoid detection by financial institutions or regulators. Screening generally relates to the process of reviewing transactions for compliance with laws and regulations, rather than obscuring information. Each of these techniques serves different purposes in the context of anti-financial crime, but stripping specifically targets the alteration of identifying information in payment messages.