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Question 1

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Which U.S. law enacted in 1970 is considered the foundational statute requiring financial institutions to assist U.S. government agencies in detecting and preventing money laundering?

USA PATRIOT Act

Bank Secrecy Act (BSA)

Money Laundering Control Act

Gramm-Leach-Bliley Act

to track

2026 Statistics

Key Facts: CAFP Exam

150

Exam Questions

ABA (3-hour exam)

500/800

Passing Score (scaled)

ABA scoring

3 years

Certification Validity

Requires 60 CE credits

3-5 years

Experience Required

Banking AML/fraud experience

$750-$1,050

Exam Fee

ABA member / non-member

80+ hours

Training Required

CAFP-approved training

The CAFP exam has 150 questions in 3 hours with a scaled passing score of 500/800. Exam windows open multiple times per year. Eligibility requires 3-5 years of banking AML/fraud experience plus 80+ CAFP-approved training hours. Certification is valid for 3 years with continuing education requirements. Exam fee is $750 (ABA member) / $1,050 (non-member). Delivered at Pearson VUE.

Sample CAFP Practice Questions

Try these sample questions to test your CAFP exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which U.S. law enacted in 1970 is considered the foundational statute requiring financial institutions to assist U.S. government agencies in detecting and preventing money laundering?

A.USA PATRIOT Act

B.Bank Secrecy Act (BSA)

C.Money Laundering Control Act

D.Gramm-Leach-Bliley Act

Explanation: The Bank Secrecy Act (BSA) of 1970 is the foundational U.S. AML statute. It requires banks and other financial institutions to keep records, file certain reports (CTRs, SARs), and help federal agencies detect money laundering. The USA PATRIOT Act (2001) expanded BSA, and the Money Laundering Control Act (1986) criminalized money laundering as a standalone offense.

2Title III of the USA PATRIOT Act of 2001 is also known as which act?

A.International Money Laundering Abatement and Anti-Terrorist Financing Act

B.Financial Institutions Reform Recovery and Enforcement Act

C.Foreign Corrupt Practices Act

D.Anti-Money Laundering Act of 2020

Explanation: Title III of the USA PATRIOT Act is the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001. It expanded BSA to include enhanced customer identification (CIP), correspondent account rules, and information sharing provisions under Sections 314(a) and 314(b).

3Which agency within the U.S. Department of the Treasury is the financial intelligence unit (FIU) responsible for receiving SARs and CTRs?

A.OFAC

B.FinCEN

C.OCC

D.IRS Criminal Investigation

Explanation: The Financial Crimes Enforcement Network (FinCEN) is the U.S. FIU. It administers the BSA, receives SARs (Form 111) and CTRs (Form 112), and shares financial intelligence with law enforcement and foreign FIUs through the Egmont Group.

4Under FinCEN's Customer Due Diligence (CDD) Final Rule, banks must identify and verify beneficial owners of legal entity customers holding what minimum equity interest?

A.10% or more

B.25% or more

C.51% or more

D.Any equity interest

Explanation: The FinCEN CDD Rule requires banks to identify each individual who owns 25% or more of the equity interests of a legal entity customer (ownership prong) plus one control-prong individual regardless of ownership. This supports beneficial ownership transparency.

5How many pillars does a compliant BSA/AML program require under 31 CFR 1020.210?

A.Three pillars

B.Four pillars

C.Five pillars

D.Six pillars

Explanation: A compliant BSA/AML program has five pillars: (1) a system of internal controls, (2) independent testing, (3) a designated BSA officer, (4) ongoing training, and (5) risk-based customer due diligence (added by the CDD Rule in 2018, including beneficial ownership identification).

6A bank's BSA officer must have which key characteristic under the FFIEC BSA/AML Examination Manual?

A.CPA or attorney credential

B.Sufficient authority, resources, and independence

C.At least 10 years of branch experience

D.Board-level reporting line only

Explanation: The FFIEC BSA/AML Examination Manual requires the designated BSA officer to have sufficient authority, knowledge, resources, and independence to effectively administer the BSA/AML program. Credentials are not mandated, though the role requires reporting to senior management and the board.

7What is the primary purpose of the FFIEC BSA/AML Examination Manual?

A.Enforcement action catalog for regulators

B.Guidance for examiners assessing BSA/AML compliance at banks

C.Training curriculum required for all bank employees

D.Public registry of filed SARs

Explanation: The FFIEC BSA/AML Examination Manual provides guidance to federal and state examiners when assessing a bank's BSA/AML compliance. It is widely used by banks as a reference for designing programs because it reflects how examiners will evaluate them. The latest update is used by all FFIEC agencies.

8What is the cash aggregation threshold that triggers a Currency Transaction Report (CTR) filing?

A.More than $3,000 in a single transaction

B.More than $5,000 aggregated daily

C.More than $10,000 aggregated in one business day by or on behalf of the same person

D.$25,000 or more within a month

Explanation: A CTR (FinCEN Form 112) must be filed for cash transactions exceeding $10,000 in a single business day, aggregated by or on behalf of the same person. Multiple branch locations must be aggregated if the bank has knowledge. The $3,000 threshold applies to the recordkeeping rule for monetary instruments.

9Structuring cash deposits to evade the CTR threshold is a violation of which statute?

A.31 U.S.C. 5324

B.18 U.S.C. 1956

C.31 U.S.C. 5322

D.12 U.S.C. 1813

Explanation: 31 U.S.C. 5324 prohibits structuring transactions to evade BSA reporting requirements. A structured transaction is a federal crime regardless of whether the underlying funds are legitimate. Banks must file a SAR when they detect structuring, and willful structuring can result in up to 10 years of imprisonment.

10A SAR (FinCEN Form 111) must be filed no later than how many calendar days after initial detection of facts that constitute a basis for filing?

A.15 days

B.30 days

C.45 days

D.60 days

Explanation: A SAR must be filed within 30 calendar days of initial detection of facts constituting a basis for filing. If no suspect is identified on detection, the institution may delay filing up to an additional 30 days (60 days total), but filing may never be delayed beyond 60 days.

About the CAFP Exam

The ABA Certified AML and Fraud Professional (CAFP) credential validates advanced expertise in banking BSA/AML and fraud risk management. It covers BSA regulatory foundation, the five AML program pillars, CDD and beneficial ownership, SAR/CTR filing, OFAC sanctions (SDN list, 50% rule, country programs, blocking vs rejecting), transaction monitoring and model risk management (SR 11-7), banking fraud typologies (check kiting, EFE, BEC, ATO, synthetic identity, APP fraud), regulatory enforcement, and 314(a)/314(b) information sharing.

Questions

150 scored questions

Time Limit

3 hours

Passing Score

500/800 (scaled)

Exam Fee

$750 ABA member / $1,050 non-member (American Bankers Association (ABA) / Pearson VUE)

CAFP Exam Content Outline

~30%

BSA/AML Regulatory Foundation & Program Pillars

Bank Secrecy Act 1970, USA PATRIOT Act Title III, Money Laundering Control Act, FFIEC BSA/AML Examination Manual, AMLA 2020, five AML pillars (internal controls, independent testing, BSA officer, training, CDD), beneficial ownership under the CDD Rule

~25%

Reporting: SAR, CTR, and Sanctions

SAR filing (30/60-day deadlines, continuing activity SARs, safe harbor, confidentiality), CTR (Form 112, $10,001+ aggregation, Phase I/II exemptions), CMIR, Monetary Instrument Log, OFAC SDN, 50% rule, sectoral sanctions, blocking vs rejecting, country programs (Iran, DPRK, Cuba, Syria, Russia)

~25%

Banking Fraud Typologies

Check kiting, check fraud (forgery/alteration), card fraud (CNP, skimming, EMV), wire fraud, BEC, elder financial exploitation (EFE), synthetic identity fraud, account takeover (ATO), SIM swap, APP fraud (Zelle/RTP/FedNow), mortgage fraud, loan fraud, internal/employee fraud, ACH fraud

~20%

Monitoring, Investigations & Enforcement

Transaction monitoring rules and AI/ML, alert tuning, below-the-line testing, SR 11-7 model risk, SAR narrative best practices, 314(a) mandatory response, 314(b) voluntary sharing, MRAs, Consent Orders, C&D Orders, civil monetary penalties, look-back reviews, FinCEN Rapid Response, law enforcement coordination

How to Pass the CAFP Exam

What You Need to Know

Passing score: 500/800 (scaled)
Exam length: 150 questions
Time limit: 3 hours
Exam fee: $750 ABA member / $1,050 non-member

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

CAFP Study Tips from Top Performers

1Master the five AML pillars (31 CFR 1020.210) and the 2018 CDD Rule beneficial ownership requirement (25% + control prong)

2Know SAR deadlines cold: 30 calendar days to file, up to 60 if no suspect; continuing activity SAR at least every 90 days

3Memorize CTR thresholds and aggregation rules; understand Phase I and Phase II exemptions

4Know OFAC distinctions: blocking (SDN) vs rejecting (non-SDN comprehensive programs); the 50% rule; SSI vs SDN

5Study banking fraud typologies with bank-specific indicators: BEC, APP fraud on Zelle/RTP/FedNow, EFE, synthetic ID

6Understand SR 11-7 model risk management as it applies to AML/fraud/sanctions models

7Work through SAR narrative writing — five W's, no legal conclusions, reference prior SARs on continuing activity

8Time yourself: ~72 seconds per question to finish 150 questions in 3 hours comfortably

Frequently Asked Questions

What is the CAFP certification?

The Certified AML and Fraud Professional (CAFP) is the American Bankers Association's advanced credential for banking professionals who work in both AML and fraud prevention. It validates expertise in BSA/AML compliance, OFAC sanctions, banking fraud typologies, transaction monitoring, investigations, and regulatory enforcement.

How many questions are on the CAFP exam?

The CAFP exam has 150 multiple-choice questions to be completed in 3 hours. ABA scores on a scaled 200-800 system with 500 as the passing cut score. Exams are offered during periodic exam windows; candidates should apply before the published deadlines.

What are the CAFP eligibility requirements?

Candidates typically need 3-5 years of banking AML/fraud experience plus 80 or more hours of CAFP-approved training. ABA reviews applications against the eligibility matrix, which accepts combinations of experience, education, and training. Application approval is required before exam scheduling.

How much does the CAFP exam cost in 2026?

The CAFP exam fee is approximately $750 for ABA members and $1,050 for non-members. There is also an annual certification maintenance fee after you pass. Some employers reimburse exam and ABA membership fees. Check aba.com/cafp for current fees.

How should I prepare for the CAFP exam?

Plan for 80-120 hours of study over 2-3 months. Use the ABA CAFP Exam Online Prep, the FFIEC BSA/AML Examination Manual, and FinCEN advisories. Cover all four domains: BSA/AML program, SAR/CTR/sanctions reporting, fraud typologies, and investigations/enforcement. Complete 100+ scenario-based practice questions and aim for 80% before sitting the exam.

How long is CAFP certification valid?

CAFP certification is valid for 3 years. You must earn 60 continuing education credits during each 3-year cycle and pay the annual certification maintenance fee to keep the credential active. ABA publishes detailed CE guidelines and tracks credits through its certification portal.