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Acams CCAS Exam - Topic 3 Question 11 Discussion

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:
C) 5 years
A) 6 months
B) 2 years
D) 7 years

Acams CCAS Exam - Topic 3 Question 11 Discussion

Actual exam question for Acams's CCAS exam
Question #: 11
Topic #: 3
[All CCAS Questions]

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:

Show Suggested Answer Hide 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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Shaunna
1 month ago
5 years? Seems a bit excessive.
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Lashaun
1 month ago
Definitely 5 years, that's standard.
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Nelida
2 months ago
It's 5 years, right?
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Ellsworth
2 months ago
Wait, are you sure it's not 7 years?
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Jettie
2 months ago
I thought it was only 2 years!
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Wenona
2 months ago
5 years? Seems a bit excessive.
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Josefa
2 months ago
Definitely 5 years, that's standard.
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Ciara
2 months ago
It's 5 years, right?
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Sharika
3 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
3 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
3 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
3 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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