Arms Export Control Amendments Act of 1987

Arms Export Control Amendments Act of 1987 - Amends the Arms Export Control Act to require the President to ensure the development of a standard operating manual setting forth procedures that shall be followed by Federal officials and employees with respect to the issuance of licenses for the export of defense articles and services. Requires such procedures to include: (1) background checks on applicants for such licenses; (2) end-use checks on such applicants; and (3) verification of delivery of such articles and services. Requires the President to ensure that a list be maintained of persons ineligible to receive such licenses. Requires applicants for such licenses to report all commissions and fees being charged in connection with the export of such articles and services.

Prohibits issuance of a license to or participation in any export transaction by any person who: (1) is convicted of specified criminal offenses; or (2) is a member of a terrorist group or is engaged in racketeering activity. Authorizes, under such circumstances, the revocation of such license.