Certified AML and Fraud Professional (CAFP) Practice Test

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.

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.

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.

• 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.

• 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.

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.