Test Your Knowledge
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1. What is the main goal of Anti-Money Laundering (AML) in the cryptocurrency industry?
A) To ensure cryptocurrency transactions are irreversible
B) To monitor customer satisfaction on exchanges
C) To prevent illegal financial activities, such as money laundering
D) To encourage users to make frequent transactions
2. What is the primary purpose of the Know Your Customer (KYC) process in cryptocurrency exchanges?
A) To enhance transaction speeds
B) To verify the identity of customers before they can access services
C) To offer customers discounted transaction fees
D) To track the value of digital assets
3. How does Anti-Money Laundering (AML) differ from Know Your Customer (KYC)?
A) AML involves verifying customer identities, while KYC focuses on monitoring transactions
B) KYC is a broader set of measures to detect fraud, while AML focuses on identity verification
C) AML involves monitoring transactions and reporting suspicious activity, while KYC focuses on verifying customer identities
D) There is no difference between AML and KYC