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Associate · Updated October 2026

CAFCA Certification Exam (Certified AML FinTech Compliance Associate): free practice test

ACAMS' associate certification for compliance staff at FinTechs, payment companies, neobanks and their partner banks. It covers financial crime risks in digital financial services, FinTech regulation, risk-based due diligence and digital onboarding, payment screening and transaction monitoring, and reporting suspicious activity.

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About the CAFCA exam

ACAMS' associate certification for compliance staff at FinTechs, payment companies, neobanks and their partner banks. It covers financial crime risks in digital financial services, FinTech regulation, risk-based due diligence and digital onboarding, payment screening and transaction monitoring, and reporting suspicious activity.

What's on the exam

CAFCA
FinTech Regulation and Governance
7 key facts
Financial Crime Risks in FinTech Products
7 key facts
Digital Onboarding and Due Diligence
7 key facts
Payment Screening and Transaction Monitoring
7 key facts
Investigating and Reporting Suspicious Activity
7 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the CAFCA exam

  • Think 'same activity, same risk, same rules'. FinTechs face the same AML duties as banks for the services they provide.
  • Know the bank-FinTech partnership (Banking-as-a-Service) model and who is responsible for what.
  • Digital onboarding questions focus on identity fraud: document checks, liveness detection, device data and deepfakes.
  • 70% of scored questions passes: the lowest pass mark of the associate exams, but don't rely on it.

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Create a free account after the test: your score by topic, a mistakes bank, the first study-notes topic, flashcards and the AML Red Flags Cheat Sheet.

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What's in the full CAFCA prep

Full question bank

150+ exam-style questions written to each official outline. Every answer explained, with the rule it comes from.

Timed exam simulator

Real question counts and time limits, so test day feels like practice day.

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Flashcards + spaced repetition

298+ cards that come back right before you'd forget them. Five minutes a day keeps every number fresh.

Key study notes

Each topic boiled down to the 5 to 7 facts that get tested, with the standard or rule behind them.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. In the US, a FinTech that transmits money for customers usually must register with FinCEN as a:
Answer: Money services business (MSB). Money transmitters are MSBs. They register with FinCEN (Form 107, renewed every 2 years), run an AML program and usually need state money transmitter licenses too.
2. In a Banking-as-a-Service (BaaS) partnership, who remains responsible for AML compliance on accounts opened through the FinTech?
Answer: The sponsor bank, which stays accountable even if it relies on the FinTech for some controls. Regulators have issued enforcement actions against sponsor banks for weak oversight of FinTech partners. The bank can outsource tasks but not its responsibility.
3. A regulatory sandbox lets FinTechs:
Answer: Test new products with real customers under regulator supervision, usually with limits and safeguards. Sandboxes (such as the UK FCA's) allow controlled testing. AML obligations still apply during the test.
4. Why do peer-to-peer (P2P) payment apps attract money mule activity?
Answer: Instant, low-friction transfers between many individual accounts make it easy to move and split stolen funds. Speed and ease are the risk. Monitoring for new accounts that receive many inbound payments and quickly send them on is a key control.
5. Which FinTech business model has the highest risk of hiding who is really behind transactions?
Answer: A payment facilitator or processor onboarding many sub-merchants it hasn't vetted itself. Payment facilitators and nested processors aggregate many merchants. Weak sub-merchant due diligence can let high-risk or illegal businesses process payments unseen.
6. During digital onboarding, a 'liveness check' is used to:
Answer: Confirm that a real, live person is present and matches the ID document, not a photo, mask or deepfake. Liveness detection defends against presentation attacks, including printed photos, replayed video and AI-generated deepfakes.
7. Many new accounts are opened from the same device and IP address using different identities. This most likely indicates:
Answer: Organized identity fraud or mule account creation. Device fingerprinting and IP intelligence link applications that look separate. Clusters like this often point to fraud rings or mule herders.
8. A FinTech's onboarding flow lets customers transact before identity verification is complete. What is the main risk?
Answer: Criminals can move funds through the account before they are identified or stopped. If any activity is allowed before verification, it should be tightly limited and monitored. Otherwise the firm may process illicit funds for unknown people.
9. A small business customer of a FinTech says it sells handmade jewelry, but receives hundreds of payments from gaming websites. What should the FinTech do?
Answer: Treat it as a mismatch with the expected activity, review the business and consider escalating. Activity inconsistent with the stated business is a red flag that may indicate a front company or unlicensed gambling. It needs review and possibly a SAR.
10. Payment screening checks transactions against sanctions lists:
Answer: In real time, before the payment is released. Payments must be screened before release so sanctioned parties can be stopped. Instant payments make this a speed and accuracy challenge.
11. Why is velocity (how many transactions happen in a short time) an important monitoring signal for FinTechs?
Answer: Sudden bursts of activity can indicate account takeover, mule activity or card testing. Velocity rules catch rapid, repeated activity, such as many small card authorizations (card testing) or fast in-and-out transfers.
12. A FinTech moves from rules-based monitoring to machine learning. What must it still be able to do?
Answer: Explain why alerts were generated and show regulators that the model is validated and governed. Model governance, explainability and validation apply whatever technology is used. Many firms run models alongside rules during a transition.
13. A FinTech's analyst finds evidence that a customer is laundering fraud proceeds. Who should the FinTech report this to (in the US)?
Answer: FinCEN, by filing a Suspicious Activity Report. MSBs and other covered FinTechs file SARs with FinCEN. Partner banks may file their own SAR on the same activity.
14. Why must FinTech and partner-bank teams agree in advance how suspicious activity information is shared?
Answer: So suspicious activity is escalated and reported on time without breaching confidentiality rules. Clear escalation paths, data access and SAR responsibilities are part of partnership agreements and are reviewed by examiners.
15. Who is ultimately responsible for a FinTech's AML program?
Answer: The board and senior management, with a designated compliance officer running it day to day. Governance expectations are the same as for banks: board oversight, a qualified and resourced compliance officer, and clear accountability.

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Certification guide

ACAMS associate certifications: CKYCA vs CTMA vs CAFCA: ACAMS' three associate certifications are short, focused credentials for people early in their anti-financial crime career. Each exam has 60 multiple-choice questions in 90 minutes, and every package costs US$1,045 whether you work in the private or public sector. The difference is the job they're built for: KYC (CKYCA), transaction monitoring (CTMA) or FinTech compliance (CAFCA).

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CTMA Certification Exam (Certified Transaction Monitoring Associate)

ACAMS' associate certification for transaction monitoring and alert investigation analysts.

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Exam details are summarized from the official candidate information available in October 2026. ACAMS changes formats and fees, so confirm with ACAMS (Association of Certified Anti-Money Laundering Specialists) before you book. AMLExamPrep is not affiliated with ACAMS or Pearson VUE.

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