I believe that the crank angle sensor is part of the Abs modulator itself. If you look at the units - one under the fairing right hand side, one under the seat near the rear shock - there are two connectors. one pair of wires turn the motor. one pair of wires is from the sensor to send signals to the ecu so that it stops turning in the correct position.
There is a pretty good chance that if you are getting this fault, that the sensor connections may be faulty. Or that power is getting to the modulator to turn the motor - so the sensor isn't picking up any signals.
I am not familiar with the abc tcs unit on the 1995 models. I had a 2000 abs/tcs - so my information may be slightly different from what you are observing.
As I understood it when I owned this bike, the motor turns a crank which allows pressure in the brake line to be removed and then reapplied once every revolution. This has to stop in the right place so that it is ready to release pressure - otherwise it will first increase the pressure and then return it to what it was. ie lock the brakes harder rather than unlocking them. So that crank angle position sensor informs the ecu when the abs is in the 'armed' position.
That description may be a long way wide of the mark, but its the only picture that I have in my head.