ABA AML and Fraud Professional Exam Syllabus

AML and Fraud Professional PDF, CAFP Dumps, CAFP PDF, AML and Fraud Professional VCE, CAFP Questions PDF, ABA CAFP VCE, ABA AML and Fraud Professional Dumps, ABA AML and Fraud Professional PDFUse this quick start guide to collect all the information about ABA AML and Fraud Professional (CAFP) Certification exam. This study guide provides a list of objectives and resources that will help you prepare for items on the CAFP ABA AML and Fraud Professional exam. The Sample Questions will help you identify the type and difficulty level of the questions and the Practice Exams will make you familiar with the format and environment of an exam. You should refer this guide carefully before attempting your actual ABA AML and Fraud Professional certification exam.

The ABA AML and Fraud Professional certification is mainly targeted to those candidates who want to build their career in Professional Level domain. The ABA Certified AML and Fraud Professional (CAFP) exam verifies that the candidate possesses the fundamental knowledge and proven skills in the area of ABA AML and Fraud Professional.

ABA AML and Fraud Professional Exam Summary:

Exam Name ABA Certified AML and Fraud Professional (CAFP)
Exam Code CAFP
Exam Price $575 (USD)
Duration 180 mins
Number of Questions 150
Passing Score Pass/Fail
Books / Training CAFP Exam Online Prep
Schedule Exam EXAM APPLICATION
Sample Questions ABA AML and Fraud Professional Sample Questions
Practice Exam ABA CAFP Certification Practice Exam

ABA CAFP Exam Syllabus Topics:

Topic Details

Program Governance - 34%
Establish procedures and controls to effectively address Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) compliance guidance and regulatory requirements. Knowledge required:
  • Designated individual responsible for BSA/AML
  • Internal Controls (e.g., Customer Identification Program [CIP]/Know Your Customer [KYC], Suspicious Activity Reporting [SAR])
  • Training
  • Independent testing
  • Customer Due Diligence (CDD)/Enhanced Due Diligence (EDD)
Establish procedures and controls to effectively address Office of Foreign Assets Control (OFAC) compliance guidance and regulatory requirements. Knowledge required:
  • OFAC regulations/guidelines/FAQ
  • Sanctions and watchlists (e.g., SDN, CON, PLC)
  • Reporting Requirements
  • Initial and ongoing screening
  • Blocking and rejecting transactions
  • Training
  • Record retention
Establish procedures and controls to effectively address Fraud compliance guidance and regulatory requirements. Knowledge required:
  • Availability of Funds and Collection of Checks (Regulation CC)
  • Electronic Funds Act (Regulation E) and error resolution process
  • Fair Credit Reporting Act (FCRA)
  • Fair and Accurate Credit Transactions Act (FACTA) Red Flags Rule
  • UCC Article 3 and 4 – Check Liability
  • Truth in Lending Act (Regulation Z)
  • Training (e.g., employees)
  • Education (e.g., customer, community)
  • Record retention
Understand AML, OFAC, and Fraud risk assessment processes. Knowledge required:
  • Three lines of defense
  • Identification and analysis of specific risk categories (e.g., relationship risk, geographic risk [e.g., HIDTA, HIFCA], product/service risk, transaction risk, access channel risk)
  • Analysis of new activities (e.g., new or modified products, services, or customers)
  • Higher risk industries (e.g., marijuana-related businesses [MRBs], money services businesses [MSBs])
  • Higher-risk customers (e.g., PEPs, attorneys, accountants, brokers)
Implement the Anti-Money Laundering Act (AMLA). Knowledge required:
  • Whistleblower Protections
  • Beneficial Ownership Information (BOI)
  • Information sharing with foreign branches, subsidiaries, and affiliates
  • AMLA Priorities

Detection and Investigation - 30%
Develop strategies and models for system alert generation. Knowledge required:
  • How risk appetite and risk tolerance can influence risk models and alert generation
  • How risk models are constructed (e.g., data input, data processing, assessment of outcomes)
  • Use of the risk assessments to develop AML and Fraud strategies
Identify and understand red flags and alert analysis. Knowledge required:
  • Fraud red flags and typologies (e.g., address verification, ID theft)
  • Common scams (e.g., impersonation, romance, tech support)
  • Money Laundering/Terrorist Financing red flags and typologies
  • Customer risk rating and high-risk customer types (e.g., money service businesses, Politically
  • Exposed Persons [PEPs])
  • Alert analysis, referrals, and escalation
Investigate the case by reviewing and determining the activity type, identifying suspects (i.e., known, unknown) and victims. Knowledge required:
  • Customer Due Diligence (e.g., internal information, handwriting, video/voice surveillance)
  • Cyber indicators (e.g., IP address, user agent string, hosting provider, URL, image)
  • Public records
  • Open-source intelligence (e.g., negative news, social media, search engine)
  • Types of law enforcement inquiries (e.g., Section 314(a) of the USA PATRIOT Act, subpoenas)
  • Section 314(b) of the USA PATRIOT Act
  • Recoverability (e.g., transactions, liability, IC3.gov)
Conclude investigation with supporting documentation and SAR decisioning. Knowledge required:
  • Timeframe requirements (e.g., Regulation E, SAR filing)
  • Required documents based on fraud activity type (e.g., affidavits, hold harmless)
  • Supporting documentation for SAR or non-SAR decisioning (e.g., negative news, opensource intelligence, accounts activity, IP addresses)
Determine the next course of action (e.g., account closure, reporting) in a case based on the identified risk. Knowledge required:
  • Remediation and recoverability efforts (e.g., return money, open new accounts, update thirdparty agencies, recover funds, charge off)
  • Internal customer risk score modification (e.g., behavior, transactions, customer business)
  • Internal risk assessment modification (e.g., changes in geography, product, exam results)
  • When to elevate the case internally or externally (e.g., human trafficking, terrorist financing, insider abuse, institutional monetary losses)

Reporting - 26%
Understand regulatory reporting and filing requirements (e.g., currency transaction reports [CTRs], suspicious activity reports [SARs], FACTA Red Flags Rule, Foreign Bank and Financial Accounts [FBAR], Designation of Exempt Person [DOEP]). Knowledge required:
  • Thresholds
  • Time frames
  • Record retention requirements
  • Continuing activity (i.e., supplemental SAR, 90-day SAR)
  • Amendments (e.g., what is it, when is it necessary)
  • Backfilling (e.g., what is it, when is it necessary)
  • CTR exemptions (e.g., what is it, when is it necessary)
Respond to information requests. Knowledge required:
  • SAR confidentiality
  • National Security Letters
  • Subpoenas (e.g., Grand Jury Subpoenas, criminal, civil)
  • Law enforcement agency requests (e.g., keep account open, account documentation, surveillance footage)
  • 314(a) reporting and requirements

To ensure success in ABA AML and Fraud Professional certification exam, we recommend authorized training course, practice test and hands-on experience to prepare for ABA AML and Fraud Professional (CAFP) exam.

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