AFC Investigator Exam Study Guide (2026)
Everything the ACAMS Certified AFC Investigator Exam (formerly Advanced CAMS-FCI) tests, topic by topic: what each section covers, the facts that come up most, and how to study it. Pair it with the free 15-question practice test.
The exam at a glance
| Questions | 90 multiple-choice questions (knowledge and scenario-based) |
|---|---|
| Time | 3 hours |
| Passing score | Set by ACAMS (see the Candidate Handbook) |
| Format | Closed book, computer-based |
| Certifying body | ACAMS (Association of Certified Anti-Money Laundering Specialists) |
| Test provider | Pearson VUE (test center or online proctored) |
Mind map: the whole exam on one screen
1. Planning and Managing Investigations
This topic covers how complex financial crime investigations are scoped, planned, resourced and managed.
Key facts
- An investigation plan sets the question to answer, subjects, period, sources, steps and milestones.
- Triage prioritizes cases by risk, such as harm to customers, scale, terrorism or sanctions links and deadlines.
- Investigations may be reactive (alerts, referrals, law enforcement requests) or proactive (typology-led reviews).
- Look-backs review past activity over a set period after a control failure or new risk is found.
- Case management systems track evidence, decisions and deadlines.
- Investigators must stay objective: avoid confirmation bias and test alternative explanations.
- Confidentiality and need-to-know apply throughout to avoid tipping off.
Flashcards
Exam tip: The first step is nearly always to scope and plan, not to interview or close accounts.
2. Evidence, Data and Open-Source Intelligence
Know the sources investigators use, how reliable each one is, and the information-sharing tools available.
Key facts
- Internal sources include KYC files, transactions, wire data, devices, prior alerts and SARs.
- External sources include corporate registries, court records, property records, trade data and adverse media.
- OSINT (open-source intelligence) uses public information; it is useful for leads but should be corroborated.
- US 314(a) lets FinCEN ask institutions to search for subjects on behalf of law enforcement; matches are reported within 14 days.
- US 314(b) lets institutions share information with each other about possible ML or TF, after notifying FinCEN (renewed yearly).
- Evidence handling requires chain of custody and secure storage.
- Investigators must respect data protection rules and the limits of their legal authority.
Flashcards
Exam tip: Rank sources: official and primary first, reputable media next, anonymous or social sources last.
3. Advanced Typologies and Complex Structures
This topic covers the schemes advanced investigators face: trade-based laundering, professional networks, shell structures, real estate and informal value transfer.
Key facts
- Trade-based laundering uses over- and under-invoicing, multiple invoicing, phantom shipments and misdescribed goods.
- The Black Market Peso Exchange swaps drug dollars for pesos via brokers and imported goods.
- Professional money launderers sell laundering services to criminal groups, often through shell companies and complicit professionals.
- Loan-back schemes lend criminal money back to the launderer to create a legitimate-looking source.
- Real estate laundering uses companies, trusts, cash purchases and rapid resales.
- Hawala and other informal value transfer systems move value without moving money across borders, settling later.
- Cuckoo smurfing deposits criminal cash into innocent customers' accounts who are expecting legitimate transfers.
Flashcards
Exam tip: For TBML math, ask which way the excess value moves. Paying too much for imports sends value abroad.
Test yourself on these topics
Take the free 15-question AFC Investigator test, then save your results to unlock your Readiness Score and the mistakes bank.
4. Analysis, Interviews and Case Building
Know the analytical techniques used to turn data into findings and the basics of investigative interviewing.
Key facts
- Link analysis shows relationships between people, companies, accounts and transactions.
- Flow-of-funds analysis traces money from source to destination across accounts and institutions.
Flashcards
Exam tip: When asked how to prove unexplained wealth, the answer is usually the net worth method.
5. Reporting and Working with Law Enforcement
This topic covers turning investigations into reports, responding to law enforcement, and handling sensitive situations.
Key facts
- SAR narratives should explain who, what, when, where, why and how, with the most important facts first.
- Decisions not to file must be documented as carefully as decisions to file.
Flashcards
Exam tip: Law enforcement can ask, but the institution keeps its own obligations: monitoring, reporting and confidentiality never stop.
How to pass
- Questions are written from an investigator's seat: what's the next best step, which source is most reliable, what's missing from the case.
- Know information-sharing tools such as US 314(a) and 314(b) and their rules.
- Learn complex structures: shell companies, trusts, nominees, trade-based laundering and professional money laundering networks.
- 90 questions in 3 hours. Long case studies take time, so answer short questions quickly.
Frequently asked questions
How long should I study for the AFC Investigator exam?
Most working candidates need 4 to 8 weeks at 45 to 60 minutes a day. Book your exam once your Readiness Score has stayed at 80 or higher for about a week.
Can I take the AFC Investigator exam online?
Yes. ACAMS exams are delivered by Pearson VUE at test centers or online with a remote proctor. Format: closed book, computer-based. Check the current Candidate Handbook from ACAMS for the rules.
What score do I need to pass the AFC Investigator exam?
Set by ACAMS (see the Candidate Handbook). The exam has 90 multiple-choice questions (knowledge and scenario-based) and a time limit of 3 hours.
What are the most tested topics?
The outline covers planning and managing investigations, evidence, data and open-source intelligence, advanced typologies and complex structures, analysis, interviews and case building, reporting and working with law enforcement. Use the free practice test to see which ones you need most.
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- All 10 ACAMS exams, from CKYCA to CAMS and the advanced certifications
- Full question banks + timed simulations
- Study notes, flashcards & mind maps
- Spaced repetition + mistakes bank
- Readiness Score & detailed reports
- Video lessons as they release
- New exams added during your access
- 5 bonuses: red flags cheat sheet, key numbers sheet, study planner and more
- Pass Guarantee: complete the prep, pass or 100% back
Renews once a year until you cancel. We email you before each renewal. Cancel any time from your account; you keep access until the end of the year you've paid for.
Summarized from ACAMS' official candidate information and the standards and regulations cited, checked October 2026. Confirm current requirements with ACAMS (Association of Certified Anti-Money Laundering Specialists).