ABA · CAFP
Certified AML and Fraud Professional (CAFP) Practice Tests
The ABA CAFP certifies financial professionals in anti-money laundering and fraud prevention within U.S. banking institutions. It validates expertise across assessment, investigation, reporting, and remediation of financial crimes.
Exam Details
Practice Questions
750
≈ 5 practice exams
Duration
180 minutes
Passing Score
500/800
Difficulty
ProfessionalLast Updated
Mar 2026
Topics Covered
BSA/AML ComplianceFraud Detection and PreventionFinancial Crimes AssessmentInvestigationsRegulatory ReportingRemediationCyber-Enabled Financial Crimes
Certified AML and Fraud Professional (CAFP) Practice Exam Preparation
Use this CAFP practice exam to prepare for Certified AML and Fraud Professional (CAFP) with realistic questions, detailed explanations, and focused study modes. The practice bank includes 750 questions for ABA CAFP, so you can review the exam steadily instead of relying on one long cram session.
As you practice, pay extra attention to recurring topics such as BSA/AML Compliance, Fraud Detection and Prevention, Financial Crimes Assessment, Investigations, and Regulatory Reporting. Start with short sessions to identify weak areas, then move into timed quizzes once your accuracy is consistent.
The explanations are especially useful when you want to connect exam wording to the responsibilities and scenarios described in the official certification guidance. Use the free preview first, then unlock the full question bank when you are ready to build a complete study routine.
Exam Domain Breakdown
Assessment35%
Investigations30%
Reporting17%
Remediation18%
Exam Overview
The ABA Certified AML and Fraud Professional (CAFP) is an advanced-level credential issued by the American Bankers Association (ABA) that validates a financial professional's expertise in anti-money laundering (AML) and fraud prevention within U.S. banking institutions. The certification tests competency across the full lifecycle of financial crimes response: assessing risk and identifying suspicious activity, conducting thorough investigations, fulfilling regulatory reporting obligations, and executing remediation strategies. It is grounded in U.S. laws and regulations, including the Bank Secrecy Act (BSA), the USA PATRIOT Act, and federal fraud statutes.
The CAFP was developed by an advisory board of financial crimes practitioners to reflect real-world job tasks performed by competent professionals in the field. It covers traditional AML and fraud disciplines as well as emerging threats such as cyber-enabled financial crimes. The credential signals to employers that a professional possesses both the theoretical knowledge and practical application skills required to protect banking institutions from money laundering, fraud, terrorist financing, and related financial crimes.
Who Should Take This Exam
The CAFP is designed for experienced financial crimes professionals employed within U.S. banking institutions. Suitable candidates include BSA/AML compliance officers, fraud investigators, financial crimes analysts, risk managers, internal auditors, compliance consultants, and state or federal bank examiners and law enforcement personnel working with financial institutions. The certification is also relevant for professionals in legal, operations, and cyber units who deal with financial crimes detection or response.
Candidates are expected to have hands-on, U.S.-based banking experience in BSA/AML compliance, fraud detection, or cyber-enabled financial crimes. Because the exam is grounded in U.S. laws and regulations, it is specifically suited to professionals operating within the U.S. banking regulatory environment, rather than general financial services or international practitioners.
Prerequisites
ABA requires candidates to meet one of three eligibility pathways before sitting for the CAFP exam. The first pathway requires a minimum of two years of qualifying U.S. banking financial crimes experience plus completion of at least one approved BSA/AML or fraud training program. The second pathway requires a minimum of two years of qualifying experience plus current holding of at least one approved professional certification (such as CAMS, CFE, CRCM, CIA, or CBAP). The third pathway is available to candidates with five or more years of qualifying financial crimes experience, with no additional training or certification requirement.
All candidates must have direct experience in BSA/AML compliance, fraud detection, and/or cyber-enabled financial crimes within a U.S. banking context. Non-U.S. experience does not satisfy the eligibility criteria. Candidates must also agree to the ABA Professional Certifications Code of Ethics upon application. ABA reviews applications and notifies candidates of approval or denial within approximately two weeks of submission.
Exam Format
The CAFP exam consists of 150 multiple-choice questions to be completed within 180 minutes (3 hours). The exam is scored on a scale with a passing score of 500 out of 800. Calculators are provided at testing sites. Exams are administered through Meazure Learning either at physical U.S. test sites or via live remote proctoring (LRP) through the ProctorU platform, which allows candidates to test from a private location with a live remote proctor, provided they meet the technical requirements.
The exam is offered during a defined testing window (for example, July 1–31 of a given year), and candidates must apply by the published application deadline. For most computer-based exams taken at test sites, candidates receive an instant Pass/Fail result upon completion. Official score reports are delivered via email within six weeks after the close of the exam window. The exam fee is $575 USD, and a non-refundable $100 application fee is retained if an application is denied.
Skills Measured
- 1.Assessment (35%): Evaluating BSA/AML and fraud risk across products, services, customers, and geographies; identifying red flags and typologies for money laundering, fraud schemes, and cyber-enabled financial crimes; conducting customer due diligence (CDD) and enhanced due diligence (EDD); and assessing the effectiveness of a financial institution's financial crimes compliance program.
- 2.Investigations (30%): Conducting investigations into suspected money laundering, fraud, and related financial crimes activity; gathering and analyzing transactional data and open-source information; interviewing and evidence collection; determining whether activity warrants escalation or regulatory reporting; and coordinating with law enforcement when appropriate.
- 3.Reporting (17%): Preparing and filing Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) in accordance with BSA requirements; maintaining accurate records; understanding thresholds and timing requirements for regulatory filings; and communicating findings to internal stakeholders and regulators.
- 4.Remediation (18%): Developing and implementing corrective action plans in response to identified financial crimes risks or regulatory deficiencies; strengthening internal controls and policies; managing look-back reviews; training staff on updated procedures; and monitoring the effectiveness of remediation efforts over time.
Study Tips
- Download and study the official CAFP Examination Outline PDF from aba.com before beginning preparation — it details every domain, sub-topic, and job task that may appear on the exam and should serve as the primary roadmap for your study plan.
- Enroll in ABA's official CAFP Exam Online Prep course, which is built around the same knowledge domains and job tasks on the exam. This is the most directly aligned preparatory resource available and covers all four exam domains with targeted content.
- Allocate study time proportionally to each domain's exam weight: prioritize Assessment (35%) and Investigations (30%) first, followed by Remediation (18%) and Reporting (17%), to maximize the impact of your preparation time.
- Review the text of core regulatory frameworks in depth — including the Bank Secrecy Act, FinCEN guidance on SARs and CTRs, the USA PATRIOT Act, and FFIEC BSA/AML Examination Manual — since the exam tests application of U.S. laws and regulations to real-world scenarios.
- Practice applying concepts under timed conditions using the 150-question, 180-minute exam format. Simulate exam conditions to build pacing discipline, aiming to answer each question in approximately 72 seconds on average.
- Focus on understanding the 'why' behind regulatory requirements and investigative procedures, not just definitions. The CAFP tests application of knowledge — how you would act in a given scenario — in addition to factual recall.
- Supplement official ABA materials with FinCEN advisories, FATF typology reports, and recent regulatory enforcement actions to stay current on emerging financial crimes trends, including cyber-enabled fraud and money laundering schemes.
Career Benefits
Earning the CAFP positions professionals for advancement into senior financial crimes roles such as BSA Officer, AML Program Manager, Fraud Director, Chief Compliance Officer, or Financial Crimes Consultant. The designation demonstrates a validated, practitioner-level competency in a specialized and increasingly regulated domain, differentiating holders from peers who rely solely on general compliance or audit credentials. Employers in the U.S. banking sector — including commercial banks, credit unions, and federal regulatory agencies — actively seek professionals who can demonstrate this level of expertise as financial crimes compliance obligations intensify.
The credential is issued by the American Bankers Association, the principal trade association for U.S. banks, lending it strong industry recognition among domestic banking employers and regulators. Holding the CAFP alongside or in place of related credentials such as CAMS (ACAMS) or CFE (ACFE) can broaden a professional's appeal, as CAFP is uniquely focused on the intersection of both AML and fraud within the U.S. banking regulatory framework. Continuing education requirements for renewal ensure that certified professionals maintain current knowledge, reinforcing the credential's long-term value to employers.
Sample Questions
5 sample questions with answers and explanations. The full bank has 750 questions, enough for 5 full-length practice exams.
Preview — answers shown1. Fabrikam Community Bank's internal audit team is conducting an independent review of the BSA/AML program. The audit team reports to the Chief Financial Officer, who also oversees the compliance department. The BSA Officer has expressed concern about this reporting structure. Which element of the BSA/AML program is most at risk due to this organizational arrangement? (Select one!)
AThe independent testing function lacks true independence because the audit team reports to the same executive who oversees compliance
BThe internal controls may not be sufficiently documented in written policies
CThe training program may not be delivered to all relevant staff members
DThe customer due diligence procedures may not be risk-based
Explanation
The third line of defense — internal audit — must maintain true independence by reporting directly to the board of directors or audit committee, not to management that oversees the functions being audited. When the internal audit team reports to the Chief Financial Officer who also oversees compliance, the independence of the testing function is compromised because the person receiving audit findings has a direct interest in the results. This violates the fundamental principle of independent testing, one of the five pillars of BSA/AML compliance under 31 USC §5318(h). Training delivery, written internal controls, and CDD procedures are important program elements but are not directly compromised by this specific reporting structure deficiency.
2. Tailspin Community Bank's compliance team is reviewing the bank's procedures for filing Currency and Monetary Instrument Reports (CMIRs). A teller asks under what circumstances the bank would need to file a CMIR. Which scenario requires CMIR filing? (Select one!)
AA customer wires $50,000 to a foreign bank account in the Cayman Islands
BA customer purchases a $25,000 cashier's check payable to a foreign entity
CA customer deposits $15,000 in cash at the teller window during a single transaction
DA customer physically transports $12,000 in U.S. currency across the U.S.-Mexico border
Explanation
A CMIR (FinCEN Form 105) must be filed when more than $10,000 in currency or monetary instruments is physically transported across U.S. borders. The CMIR is filed with U.S. Customs and Border Protection before departure or upon arrival. A $15,000 cash deposit at a teller window triggers a CTR, not a CMIR, because the currency is not crossing a border. A wire transfer, regardless of amount or destination, does not involve physical transport of currency and therefore does not trigger CMIR filing — though it may trigger other reporting requirements. Purchasing a cashier's check does not involve cross-border physical transport of currency or monetary instruments.
3. Northwind Pacific Bank is implementing a new sanctions screening system. The compliance team is evaluating name-matching algorithms to reduce the current 96% false positive rate on OFAC screening alerts. Which algorithm would be most effective for catching name variations due to transliteration differences across languages such as Arabic, Chinese, and Slavic names? (Select one!)
ASoundex, which encodes names based on English pronunciation patterns
BExact matching, which provides zero false positives through character-for-character comparison
CLevenshtein distance, which measures the minimum number of single-character edits needed to transform one string into another
DDouble Metaphone, which provides advanced phonetic encoding with multi-language support including Slavic, Celtic, Chinese, and other non-English names
Explanation
Double Metaphone is the most effective algorithm for handling transliteration differences across multiple languages because it provides advanced phonetic encoding with explicit support for Slavic, Celtic, French, Spanish, Chinese, and other non-English name patterns. It generates alternative phonetic encodings to capture how names from different languages might be transliterated into English. Exact matching would miss all transliteration variations and is unsuitable for cross-language screening. Soundex is limited to English pronunciation patterns and performs poorly with non-English names. Levenshtein distance measures string similarity through edit distance and can catch typos and minor spelling differences, but does not account for phonetic patterns specific to different languages, making it less effective for cross-cultural name matching.
4. Fabrikam Coastal Bank's elder financial exploitation team receives a report from a branch teller. An 82-year-old long-time customer, who has mild cognitive decline, arrives with a younger individual who identifies herself as the customer's new caregiver. The caregiver insists on adding herself as a joint account holder and requests an immediate $45,000 wire transfer to an overseas account. When the teller tries to speak privately with the elderly customer, the caregiver interrupts and answers all questions. The bank decides to file a SAR. How should the SAR be completed regarding subject identification? (Select two!)
Multiple correct answersAReport the elderly customer as the SAR subject since the suspicious transactions occur through their account
BReport the caregiver as the SAR subject and include the elder financial exploitation checkbox in SAR Field 38(d)
CInclude the narrative key term 'EFE FIN-2022-A002' in SAR Field 2 as referenced in the FinCEN advisory
DReport both the elderly customer and the caregiver as co-subjects since both are parties to the transaction
EOmit all personal identifying information from the SAR to protect the elderly customer's privacy
Explanation
Per FinCEN Advisory FIN-2022-A002, the caregiver should be reported as the SAR subject — not the elderly victim. The advisory specifically instructs institutions to use the elder financial exploitation checkbox in SAR Field 38(d) and include the key term 'EFE FIN-2022-A002' in SAR Field 2 to assist FinCEN in identifying and tracking EFE patterns. The elderly customer should not be reported as the SAR subject because they are the victim, not the perpetrator of the suspicious activity. Reporting both as co-subjects would inappropriately characterize the victim as a suspect. Omitting identifying information would prevent law enforcement from investigating the case. The red flags in this scenario — a new caregiver preventing private communication, requesting immediate joint ownership, and initiating a large overseas wire transfer — are classic indicators of elder financial exploitation.
5. Adatum Federal Bank's compliance team is reviewing the bank's FBAR filing obligations for customers with foreign accounts. A U.S. person customer maintains accounts at three foreign banks with the following maximum balances during the calendar year: $4,000, $3,500, and $3,200. Must this customer file an FBAR? (Select one!)
AYes, because the aggregate balance of $10,700 exceeded $10,000 at some point during the year, and the FBAR must be filed by April 15 with an automatic extension to October 15
BNo, because the FBAR threshold is $25,000 in aggregate foreign account balances
CYes, but only if the accounts are in FATF grey-listed jurisdictions
DNo, because no single account exceeded $10,000 at any time during the year
Explanation
FBAR (FinCEN Form 114) must be filed by U.S. persons who have a financial interest in or signature authority over foreign financial accounts when the aggregate balance of all foreign accounts exceeds $10,000 at any time during the calendar year. The threshold is based on aggregate balance across all accounts, not individual account balances. In this case, the combined maximum balance of $10,700 ($4,000 + $3,500 + $3,200) exceeds $10,000, triggering the filing requirement. The FBAR deadline is April 15 with an automatic extension to October 15, and it is filed electronically with FinCEN, not with the tax return. The FBAR applies regardless of the jurisdiction where the accounts are held and has a $10,000 threshold, not $25,000.
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