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 State Bank is assessing which customers qualify for automatic Phase I CTR exemptions. The compliance team needs to determine the reporting and review requirements for different categories of Phase I exempt persons. Which two statements about Phase I CTR exemption requirements are correct? (Select two!)
Multiple correct answersABanks and government entities require no Designation of Exempt Person filing and no annual review
BNYSE, NYSE American, and NASDAQ-listed entities require a DOEP filing and annual review
CAll Phase I exempt persons require biennial renewal of their exemption status
DGovernment agencies require DOEP filing but are exempt from annual review
ESubsidiaries that are 51% or more owned by listed entities qualify as Phase I exempt persons with DOEP filing and annual review
Explanation
Phase I CTR exemptions under 31 CFR 1020.315 have varying requirements depending on the category. Banks and government entities receive the most streamlined treatment, requiring no Designation of Exempt Person filing and no annual review. NYSE, NYSE American, and NASDAQ-listed entities and their subsidiaries that are 51% or more owned do require a DOEP filing and annual review. The biennial renewal requirement was removed by the 2008 final rule; some older study materials still reference this outdated requirement. Government agencies do not require any DOEP filing. Listed entity subsidiaries qualify as Phase I exempt persons only when they are 51% or more owned by the listed entity, and they do require both a DOEP filing and annual review.
2. Adatum Federal Credit Union is establishing its Customer Identification Program. The compliance team is determining the minimum data elements required for verifying the identity of a new individual account holder who is a U.S. citizen. Which combination of data elements satisfies the CIP minimum requirements under Section 326? (Select one!)
AName, date of birth, mother's maiden name, and Social Security Number
BName, date of birth, Social Security Number, and place of employment
CName, date of birth, Social Security Number, and residential address
DName, residential address, phone number, and government-issued photo ID
Explanation
Section 326 of the USA PATRIOT Act requires collecting four minimum data elements for individuals: name, date of birth, address, and identification number. For U.S. persons, the identification number is the Social Security Number. Place of employment, phone number, mother's maiden name, and photo ID are not among the four required minimum CIP elements, though institutions may collect additional information based on their risk assessment. The CIP also requires checking whether the person appears on terrorist watch lists.
3. Adatum International Bank maintains correspondent banking relationships with several foreign financial institutions. During a compliance review, the team discovers that one of their respondent banks, located in a jurisdiction recently added to the FATF grey list, has not provided an updated certification regarding shell bank status. The last certification was obtained four years ago. What is the bank's most immediate compliance concern? (Select one!)
AThe bank must apply for a specific license from OFAC to continue the correspondent relationship with an institution in a grey-listed jurisdiction
BThe respondent bank's certification has expired because Section 313 requires recertification every three years, and the bank must obtain a new certification or consider closing the correspondent account
CThe bank should file a SAR on all transactions through the correspondent account for the past four years
DThe bank must immediately terminate the correspondent relationship because FATF grey-listed jurisdictions are subject to mandatory account closures
Explanation
Under Section 313 of the USA PATRIOT Act (31 CFR 1010.630(d)), financial institutions must obtain certifications from foreign correspondent banks confirming they are not shell banks and identifying any nested accounts. These certifications must be renewed every three years. Since the last certification was obtained four years ago, the certification has expired, creating an immediate compliance gap. The bank must obtain an updated certification or evaluate whether to continue the relationship. FATF grey-listing does not require mandatory account closure; grey-listed jurisdictions have committed to time-bound action plans, and FATF does not call for enhanced due diligence as it does for black-listed jurisdictions, though the institution should apply risk-based measures. Filing SARs for all transactions retrospectively is not appropriate without specific suspicious activity indicators. OFAC licensing is required for transactions involving sanctioned countries, not FATF grey-listed jurisdictions specifically.
4. Contoso Riverside Bank's BSA team is filing a SAR on continuing suspicious activity. The initial SAR was filed 75 days ago, and the customer's suspicious wire transfer pattern has persisted without change. The analyst needs to determine the correct filing timeline for the continuing activity SAR. What is the mandated review cycle for filing continuing activity SARs? (Select one!)
A120 calendar days from the initial SAR filing date
B90 calendar days from the initial SAR filing date, with ongoing reviews every 90 days thereafter
C60 calendar days from the initial SAR filing date
D30 calendar days from the end of the initial SAR review period
Explanation
Continuing activity SARs must be filed on a 90-day review cycle from the date of the initial SAR filing. When suspicious activity persists, the institution must review the activity and file a continuing SAR within 90 days. This cycle repeats every 90 days as long as the suspicious activity continues. The 30-day and 60-day periods apply to initial SAR filings — 30 calendar days from initial detection when a suspect is identified, or 60 calendar days if no suspect is identified. The 120-day period is not a standard BSA filing timeline. The continuing activity review ensures ongoing suspicious patterns are documented and reported to FinCEN.
5. Adatum Savings Bank's fraud team is investigating check fraud losses. In one case, a forged endorsement was placed on a check that was deposited at another institution and then presented for payment. The paying bank processed the check, and the funds were debited from the drawer's account. Under UCC Articles 3 and 4, which institution bears primary liability for this forged endorsement? (Select one!)
AThe bank of first deposit where the check with the forged endorsement was initially deposited
BThe paying bank that processed the check and debited the drawer's account
CThe Federal Reserve Bank that processed the check through the clearing system
DThe drawer of the check because they failed to safeguard the instrument
Explanation
Under UCC Articles 3 and 4, liability for forged endorsements falls on the bank of first deposit, which is the institution that accepted the check with the forged endorsement. This is because the bank of first deposit had the first opportunity to verify the endorsement and the identity of the depositor. The paying bank is liable in cases of forged maker signatures, not forged endorsements. The drawer generally bears no liability when their check is fraudulently endorsed by a third party. The Federal Reserve Banks that process checks through clearing do not bear liability for endorsement fraud. This distinction between forged maker liability and forged endorsement liability is a fundamental concept in banking fraud law.
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