ABA • CAFP
Certified AML and Fraud Professional (CAFP) Practice Test
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
Questions
750
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
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
Preview — answers shown5 sample questions with correct answers and explanations. Start a practice session to test yourself across all 750 questions.
1. Northwind Alliance Bank's compliance team is evaluating whether to exit a customer relationship after filing three SARs over nine months with no change in the customer's behavior. The BSA officer asks whether there is a regulatory requirement to close the account after multiple SAR filings. Which statement correctly describes the bank's obligations and options? (Select one!)
AThe BSA officer has sole authority to close accounts associated with SAR filings without approval from senior management or the board
BFederal regulations require banks to automatically close any account after two consecutive SAR filings to limit the institution's legal exposure
CThere is no BSA requirement to close an account after filing a SAR — the decision rests with bank management per board-approved guidelines, considering factors such as repeated SAR filings with no behavior change and whether reputational or legal risk exceeds tolerance
DBanks must obtain FinCEN approval before closing any account that has been the subject of a SAR filing to ensure law enforcement interests are not compromised
Explanation
There is no BSA requirement mandating account closure after SAR filings. The decision to exit a customer relationship rests with bank management based on board-approved policies and guidelines. Factors that may support an exit decision include repeated SAR filings with no change in behavior, evidence of criminal activity, customer refusal to provide information, and situations where reputational or legal risk exceeds the institution's tolerance. However, enhanced monitoring may be appropriate when risk remains manageable — the bank can lower alert thresholds, increase review frequency, and continue filing SARs if suspicious activity persists. No regulatory authority requires automatic account closure after any number of SARs. The BSA officer does not have sole authority over account closures. FinCEN approval is not required for account closures, though law enforcement may sometimes request that an account remain open for investigative purposes.
2. Fabrikam National Bank's model risk management team is validating its AI-based transaction monitoring system under SR 11-7 guidance. The model uses unsupervised machine learning to detect anomalous transaction patterns. During validation, the team discovers that the model identifies unusual clusters but cannot provide clear explanations for why specific transactions are flagged. Which two actions should the team take to address this challenge while maintaining compliance with SR 11-7? (Select two!)
Multiple correct answersAReplace the unsupervised model entirely with a traditional rule-based system that provides transparent decisioning
BImplement interpretability frameworks such as SHAP or LIME to provide explanations for model outputs
CEnsure documentation is sufficient for parties unfamiliar with the model to understand its operation and limitations
DReduce the model's complexity by limiting the number of features it considers during clustering analysis
EAccept the model's outputs without explanation since unsupervised learning models are inherently opaque
Explanation
Implementing interpretability frameworks such as SHAP or LIME and ensuring comprehensive documentation are both required under SR 11-7 for AI/ML model governance. SR 11-7 requires that model documentation be sufficient for parties unfamiliar with the model to understand its operation, and explainability tools like SHAP and LIME can bridge the interpretability gap inherent in complex ML models. Replacing the model entirely with a rule-based system would sacrifice the effectiveness benefits of unsupervised learning in detecting novel typologies. Reducing feature complexity could degrade the model's detection capabilities without necessarily improving explainability. Accepting opaque outputs without explanation directly violates SR 11-7's documentation and governance requirements.
3. Fabrikam Pacific Bank's compliance department is reviewing its FBAR filing procedures. A U.S. person who is a bank customer maintains three foreign financial accounts: one in the United Kingdom with a maximum balance of $4,000, one in Canada with a maximum balance of $3,500, and one in Germany with a maximum balance of $3,200 during the calendar year. Must this customer file an FBAR, and if so, what is the filing deadline? (Select one!)
AYes, an FBAR is required because the aggregate maximum balance of $10,700 exceeds $10,000; the filing deadline is April 15 with an automatic extension to October 15
BNo FBAR is required because no individual account exceeded $10,000 during the calendar year
CYes, an FBAR is required but only for the UK account since it has the highest balance; the filing deadline is June 30
DNo FBAR is required because the aggregate balance must exceed $10,000 on the same calendar day, not at different times during the year
Explanation
FBAR filing (FinCEN Form 114) is required when a U.S. person has a financial interest in or signature authority over foreign financial accounts whose aggregate value exceeds $10,000 at any time during the calendar year. The aggregate maximum balance across all three accounts is $10,700, which exceeds the $10,000 threshold. The FBAR requirement is based on aggregate balance across all foreign accounts, not individual account balances. The filing deadline is April 15 with an automatic extension to October 15. The prior June 30 deadline was changed by the Surface Transportation Act. The $10,000 threshold applies to the aggregate of the maximum balances — the accounts do not need to simultaneously hold $10,000 on the same day. Each account's highest balance during the year is considered when calculating the aggregate.
4. Adatum Trust Bank's forensic accounting team is investigating potential billing fraud within a vendor payment program. The team applies Benford's Law analysis to 15,000 vendor invoices from the past year and discovers that the leading digit '5' appears in 19.8% of invoice amounts, compared to the expected frequency of approximately 7.9%. What conclusion should the team draw, and what is the appropriate next step? (Select one!)
AThe deviation is statistically insignificant for this sample size and no further action is required
BBenford's Law does not apply to financial invoice data, so the analysis is invalid
CThe deviation indicates a systemic accounting software error rather than fraud, requiring IT remediation
DThe significant deviation suggests potential data fabrication or manipulation in invoices beginning with 5, warranting targeted investigation of those specific invoices
Explanation
Benford's Law states that in naturally occurring numerical datasets, the leading digit '1' appears approximately 30.1% of the time, with frequencies declining logarithmically to '9' at approximately 4.6%. The digit '5' should appear approximately 7.9% of the time. A result of 19.8% — more than double the expected frequency — represents a highly significant deviation in a sample of 15,000 invoices and strongly suggests data fabrication or manipulation. The forensic team should target invoices with leading digit '5' for detailed examination, looking for fictitious vendors, duplicate payments, or inflated amounts. Benford's Law is well-established for analyzing financial data including invoices, expense reports, and journal entries, and has been admitted as evidence in federal and state courts. While the deviation does not conclusively prove fraud, it identifies a specific anomaly requiring investigation.
5. Tailspin Metro Bank's compliance officer is reviewing the bank's Form 8300 filing obligations. A jewelry store customer purchases a $15,000 watch using $12,000 in cash and $3,000 via debit card at the bank's retail banking partner. Which statement correctly describes the Form 8300 filing requirement in this scenario? (Select one!)
ANo Form 8300 is required because the cash portion must independently exceed $10,000 to trigger the filing requirement
BA Form 8300 must be filed because the total transaction exceeds $10,000, regardless of the payment methods used
CA Form 8300 must be filed because the cash portion exceeds $10,000 in a single transaction
DA Form 8300 must be filed by both the jewelry store and the bank because both parties participated in the transaction
Explanation
Form 8300 is filed by trades and businesses that receive more than $10,000 in cash in a single transaction or in related transactions. In this scenario, the cash portion of $12,000 exceeds the $10,000 threshold, triggering the Form 8300 filing requirement. The filing obligation falls on the business receiving the cash — in this case, the jewelry store — and must be filed within 15 days of the transaction. The debit card payment is not considered cash for Form 8300 purposes. The total transaction amount is not the trigger; only the cash component is evaluated against the $10,000 threshold. The bank does not file a Form 8300 for this retail transaction, though it may have separate CTR obligations if the customer conducted a currency transaction at the bank.
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