Acams CCAS Exam - Topic 3 Question 11 Discussion

Actual exam question for Acams's CCAS exam

Question #: 11
Topic #: 3

The Financial Action Task Force recommends countries require virtual asset service providers to maintain all records of transactions and customer due diligence measures for a minimum of:

A6 months

B2 years

C5 years

D7 years

Show Suggested Answer

Suggested Answer: C

FATF standards specify that Virtual Asset Service Providers (VASPs) must keep records related to transactions and customer due diligence for at least 5 years after the completion of the transaction or end of the business relationship. This retention period facilitates effective AML investigations and regulatory reviews.

DFSA AML Module aligns with this timeframe, reinforcing that comprehensive record retention supports audit trails and compliance verification.

by Lucina at Mar 04, 2026, 12:16 AM

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Britt

14 days ago

I agree, 5 years is a good balance for security and privacy.

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Ceola

19 days ago

2 years is too short. 5 years makes sense for compliance.

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Alisha

24 days ago

I feel like it should be longer, maybe 7 years.

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Denny

29 days ago

I think it's 5 years. Seems reasonable for tracking.

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Roselle

1 month ago

I agree with 5 years. It balances security and practicality.

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Merilyn

1 month ago

2 years is too short. 5 years makes sense for compliance.

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Lanie

1 month ago

I feel like it should be longer, maybe 7 years.

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Timothy

2 months ago

I think it's 5 years. Seems reasonable for tracking.

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Pansy

2 months ago

A) 6 months is too short. We need longer records for safety.

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Melvin

2 months ago

B) 2 years could work, but we need more security.

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Percy

2 months ago

I feel like D) 7 years is too long. Why so much?

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Stacey

2 months ago

I think it's C) 5 years. Seems reasonable for tracking.

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Luisa

3 months ago

Wait, are you sure it's not 7 years?

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Georgeanna

3 months ago

I thought it was only 2 years!

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Shaunna

4 months ago

5 years? Seems a bit excessive.

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Lashaun

4 months ago

Definitely 5 years, that's standard.

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Nelida

5 months ago

It's 5 years, right?

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Ellsworth

5 months ago

Wait, are you sure it's not 7 years?

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Jettie

5 months ago

I thought it was only 2 years!

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Wenona

5 months ago

5 years? Seems a bit excessive.

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Josefa

5 months ago

Definitely 5 years, that's standard.

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Ciara

5 months ago

It's 5 years, right?

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Sharika

6 months ago

I’m confused between 5 years and 7 years. I feel like I saw both numbers in different contexts during my review sessions.

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Della

6 months ago

I recall that it’s usually around 5 years for financial records, so I’m going with C. It seems to match what I studied.

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Merilyn

6 months ago

I’m leaning towards 2 years, but I feel like it could also be longer. I need to double-check my notes on the FATF guidelines.

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Salina

6 months ago

I think the answer might be 5 years, but I’m not entirely sure. I remember something about record-keeping durations in a similar practice question.

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