ACAMS Cheat Sheet 2026

The 30 highest-yield ACAMS facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which TBML technique involves exporting goods and invoicing them at a price higher than the true market value? → Over-invoicing
2. Which of the following is a primary red flag indicator of potential money laundering in cryptocurrency transactions? → Multiple small cryptocurrency purchases that aggregate just below reporting thresholds
3. Which of the following best describes 'layering' in the money laundering process? → Conducting complex series of financial transactions to distance funds from their source
4. Which red flag is most associated with trade-based money laundering (TBML)? → Over- or under-invoicing of goods and services in international trade transactions
5. What is a critical component of Know Your Customer (KYC) requirements, according to the Basel Committee's Customer Due Diligence for Banks paper? → A policy on customer acceptance
6. What is 'tipping off' in the context of AML compliance? → Alerting a subject that they are under investigation or a SAR has been filed
7. What is 'mirror trading' and which major bank was fined for facilitating it? → Matching buy and sell orders in different currencies; Deutsche Bank
8. Which of the following customer profiles presents the highest inherent AML risk and would most likely require Enhanced Due diligence (EDD)? → A foreign politically exposed person (PEP) seeking to open a private banking account.
9. What is the recommended first step for a bank's trade finance unit when a TBML red flag is identified? → Conduct enhanced due diligence and escalate to the AML compliance team for review
10. Which of the following customer behaviors is a classic red flag for money laundering in a retail banking context? → Frequently depositing structured cash amounts just below the $10,000 CTR threshold
11. Which of the following is NOT an essential element that should be included in the narrative of a well-written Suspicious Activity Report (SAR)? → The investigator's personal opinion on the suspect's guilt.
12. Historically, which of the following vehicles has been most commonly utilized to conceal beneficial ownership? → an offshore company
13. Which of the following threats are not a direct effect of money laundering? → Marketable risks
14. Which financial product is most frequently exploited in TBML schemes due to its document-based nature? → Letters of credit
15. In a decentralized exchange (DEX), what is the primary AML compliance challenge compared to a centralized exchange (CEX)? → DEXs typically operate without a central operator to collect KYC data or file SARs
16. Which technique involves routing cryptocurrency through multiple wallets or intermediary addresses to obscure the transaction trail? → Cryptocurrency mixing or tumbling
17. What is 'chain hopping' in the context of cryptocurrency money laundering? → Converting funds from one blockchain network to another to obscure the audit trail
18. Under-invoicing in a TBML scheme primarily benefits which party? → The importer
19. When should a financial institution conduct a periodic review of an existing customer's due diligence information? → Whenever the customer's risk profile changes or on a scheduled basis based on risk tier
20. What is 'integration' as the final stage of money laundering? → The reintroduction of laundered funds into the legitimate economy
21. Which document provides the most authoritative assessment of a country's AML/CFT regime for use in geographic risk assessments? → FATF Mutual Evaluation Reports (MERs)
22. Which international body is primarily responsible for setting global AML/CFT standards and conducting mutual evaluations of member countries? → The Financial Action Task Force (FATF)
23. What is 'smurfing' in the context of anti-money laundering? → Breaking large sums of cash into smaller deposits to avoid CTR thresholds
24. One of the red signs for microstructuring is: → multiple visits to make cash deposits of small amounts.
25. Why do governments and multilateral institutions adopt economic sanctions? → To impose foreign policy objectives
26. Which FATF recommendation addresses the risk-based approach to AML/CFT? → Recommendation 1
27. Trade-based money laundering (TBML) most commonly involves which of the following techniques? → Over- or under-invoicing goods and services in international trade transactions
28. When conducting a periodic AML/CFT risk assessment, a financial institution should always ensure that the methodology and findings are: → Formally documented, approved by senior management, and used to inform the AML program.
29. Which international body issues the Egmont Group's principles governing the exchange of financial intelligence between Financial Intelligence Units (FIUs)? → The Egmont Group itself
30. In the FATF risk-based approach, what are the three primary risk categories that institutions must assess? → Country/geographic risk, customer risk, and product/service/transaction risk