CAMS Exam Study Guide (2026)
Everything the CAMS Certification Exam (Certified Anti-Money Laundering Specialist) 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 | 120 multiple-choice and multiple-select questions |
|---|---|
| Time | 3.5 hours (210 minutes) |
| Passing score | Scaled score of 75 |
| 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. Money Laundering and Terrorist Financing Basics
This topic covers what money laundering and terrorist financing are, the three stages of laundering and why criminals need to launder. Expect definition and scenario questions that ask you to name the stage or the method.
Key facts
- Money laundering is the process of making criminal proceeds appear to come from a legitimate source.
- The three stages are placement (funds enter the financial system), layering (transactions hide the trail) and integration (funds return as apparently clean wealth).
- Predicate offences are the crimes that generate the proceeds. FATF lists 21 designated categories, including drug trafficking, corruption, fraud, tax crimes and human trafficking.
- Terrorist financing focuses on where money goes, not where it came from. Funds can be legitimate (salaries, donations) and amounts are often small.
- Proliferation financing is funding the development of weapons of mass destruction, covered by FATF Recommendation 7 and UN targeted sanctions.
- Structuring (smurfing) splits cash into amounts below reporting thresholds. In the US it is a crime under 31 U.S.C. 5324 even if the funds are clean.
- Self-laundering means laundering the proceeds of one's own crime. FATF expects countries to criminalize it.
Flashcards
Exam tip: If a question describes moving money around to confuse the trail, it's layering. If it describes buying assets with the 'clean' money, it's integration.
2. Financial Crime Risks and Methods by Sector
CAMS tests how criminals abuse banks, money services businesses, securities firms, insurers, casinos, real estate, crypto and professional gatekeepers. Questions give a scenario and ask for the red flag or the risk.
Key facts
- Correspondent banking is high risk because the bank processes payments for another bank's customers it doesn't know (FATF Recommendation 13).
- Nested (downstream) correspondent relationships let other banks use a correspondent account indirectly, hiding who is really sending payments.
- Shell banks have no physical presence and no affiliation with a regulated group. FATF and the USA PATRIOT Act prohibit correspondent relationships with them.
- Trade-based laundering uses over- and under-invoicing, multiple invoicing, phantom shipments and misdescribed goods.
- Real estate is attractive for integration: high value, often bought through companies or trusts, sometimes for cash.
- Gatekeepers (lawyers, accountants, company formation agents) are DNFBPs under FATF Recommendation 22 when they carry out certain financial activities.
- Virtual assets raise risks of anonymity, speed and cross-border reach; FATF Recommendation 15 covers virtual asset service providers.
Flashcards
Exam tip: When a scenario involves a professional (lawyer, accountant) moving client money with no clear purpose, think gatekeeper risk and look for the DNFBP answer.
3. Global AFC Frameworks and Standard Setters
This topic covers who sets the rules: FATF, FATF-style regional bodies, the UN, the Basel Committee, the Egmont Group and the Wolfsberg Group, plus how countries are evaluated and listed.
Key facts
- FATF was created by the G7 in 1989. Its 40 Recommendations are the global AML/CFT standard; countries are assessed in mutual evaluations.
- Mutual evaluations rate technical compliance with each Recommendation and effectiveness against 11 Immediate Outcomes.
- FATF's 'black list' is high-risk jurisdictions subject to a call for action; its 'grey list' is jurisdictions under increased monitoring.
- FATF-style regional bodies (FSRBs), such as APG, MONEYVAL and CFATF, carry out evaluations in their regions.
- The Egmont Group links national financial intelligence units (FIUs) so they can share information securely.
- The Wolfsberg Group is an association of global banks that publishes guidance (for example on correspondent banking and the CBDDQ questionnaire).
- The Basel Committee on Banking Supervision publishes guidance on sound management of ML/TF risk for banks.
Flashcards
Exam tip: Questions often swap the Egmont Group and the Wolfsberg Group. Egmont = FIUs. Wolfsberg = banks.
Test yourself on these topics
Take the free 15-question CAMS test, then save your results to unlock your Readiness Score and the mistakes bank.
4. Key Laws and Regulations
CAMS is global, but some laws come up again and again: the US Bank Secrecy Act and PATRIOT Act, the AML Act of 2020, EU AML directives and the new EU AML package, and the UK's Proceeds of Crime Act. Know what each one does, not every section number.
Key facts
- The US Bank Secrecy Act (1970) requires recordkeeping and reports such as Currency Transaction Reports for cash over $10,000 and Suspicious Activity Reports.
- The USA PATRIOT Act (2001) Title III added requirements such as CIP, correspondent and private banking due diligence (section 312), special measures (311) and information sharing (314).
Flashcards
Exam tip: For a 'which law requires...' question, match the requirement to its era: reporting cash (BSA 1970), knowing your correspondent (PATRIOT 2001), beneficial ownership registry (AMLA 2020).
5. Building an AFC Compliance Program
The largest share of CAMS is about building and running a program: governance, risk assessment, policies, the compliance officer, training, independent testing and how these fit together.
Key facts
- A US BSA/AML program has internal controls, a designated compliance officer, ongoing training, independent testing and risk-based customer due diligence.
- The enterprise risk assessment drives the program: it identifies inherent risk by customer, product, geography and channel, then evaluates controls.
Flashcards
Exam tip: If a question asks what to do first when building or fixing a program, the answer is usually the risk assessment.
6. Customer Due Diligence and KYC
Questions test the CDD lifecycle: identification and verification, beneficial ownership, risk rating, enhanced due diligence (especially for PEPs) and ongoing monitoring.
Key facts
- FATF Recommendation 10 requires identifying and verifying the customer and beneficial owner, understanding the purpose of the relationship and ongoing due diligence.
- If CDD can't be completed, the firm should not open the account or should end the relationship, and consider filing an STR.
Flashcards
Exam tip: Any answer that says a PEP is 'automatically prohibited' is wrong. PEPs are higher risk, not banned.
7. Monitoring, Investigations and Reporting
This topic covers transaction monitoring, alert and case investigation, suspicious activity reporting, confidentiality and working with law enforcement.
Key facts
- Transaction monitoring flags unusual activity; investigation decides whether it's suspicious.
- A US SAR is due within 30 days of initial detection, extendable to 60 days if no suspect is identified.
Flashcards
Exam tip: Watch the wording: monitoring finds 'unusual' activity, but you only file when it is 'suspicious' after investigation.
8. Tools and Technologies to Fight Financial Crime
The newest CAMS course covers technology: screening and monitoring systems, data quality, analytics and AI, regtech, and the risks that technology itself creates.
Key facts
- Rules-based monitoring is transparent but generates high false positive rates; machine learning can prioritize alerts and spot new patterns.
- Any model used for AML needs governance: documentation, independent validation, explainability and ongoing performance monitoring.
Flashcards
Exam tip: When a technology question asks for the 'most important' consideration, pick governance or data quality over speed or cost.
How to pass
- Most questions are short scenarios. Read the last line first so you know what you're being asked before you read the story.
- Multiple-select questions give no partial credit. Pick every option that is correct, and only those.
- 120 questions in 210 minutes is about 1 minute 45 seconds each. Flag long scenarios and come back.
- There's no penalty for guessing, so answer every question before time runs out.
- Know FATF's standards cold. Many questions test the international standard, not one country's law.
Frequently asked questions
How long should I study for the CAMS 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 CAMS 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 CAMS exam?
Scaled score of 75. The exam has 120 multiple-choice and multiple-select questions and a time limit of 3.5 hours (210 minutes).
What are the most tested topics?
The outline covers money laundering and terrorist financing basics, financial crime risks and methods by sector, global afc frameworks and standard setters, key laws and regulations, building an afc compliance program, customer due diligence and kyc, monitoring, investigations and reporting, tools and technologies to fight financial crime. Use the free practice test to see which ones you need most.
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All-Access Yearly
- 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).