An Overview of Certified Anti Money Laundering Specialist (CAMS)
What is CAMS (Certified Anti Money Laundering Specialist) ?
Certified Anti Money Laundering Specialist (CAMS) broadly deals with Anti-Money Laundering (AML) related issues. It is the most recognized certification for the professionals working in the anti-money laundering field. The certification immensely helps to boost up knowledge of AML/CTF principles, AML/CTF compliance, compliance standards, international sanctions, and more relevant issues.
CAMS certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS). Presently, more than 40,000 CAMS graduates worldwide from the private and public sectors. The CAMS-certified professionals contribute a lot to mitigate financial crime risks and boost up compliance functions in the organization. CAMS is worldly recognized AML compliance certification. Hence, CAMS-certified professionals are widely accepted by regulators, policy setters, companies, and other stakeholders. The CAMS certification program is currently available in 12 languages - Arabic, Bahasa Indonesian, Chinese (simplified and traditional), English, French, German, Japanese, Korean, Polish, Portuguese, Russian, and Spanish.
How to Get certified (as per ACAMS website):
1. Join ACAMS
2. Submit your application - need 40 eligibility credits to apply (the eligibility credits based on one's Professional Experience and Education & Training)
3. Study, then schedule your CAMS exam
Eligibility Criteria for CAMS Exam:
- In order to sit for the CAMS examination, the candidate must be an active ACAMS member (e.g. first need to be ACAMS Membership).
- Membership duration: for 1 Year $345, and for 3 Years $825 *.
- CAMS Examination Packages: ACAMS offers different examination packages (e.g. CAMS Certification Package - English $1,995 and more)
- * In general for private sector professional, ACAMS takes a total payment amount of TK $2,340.00 (ACAMS Membership - 1 Year, and CAMS Certification Package - English)
(* the payment amount/bundle pack vary basis on time, region, and sectors - private sector and public sector)
CAMS Examination:
- The Examination consists of 120 multiple choice and multiple selection questions.
- The passing score required is 75.
- Exam Duration is 3.5 hours.
- There is no penalty for guessing.
- Online based exam through Pearson VUE testing centers.
Examination Questions Covers from:
I. RISKS AND METHODS OF MONEY LAUNDERING AND TERRORISM FINANCING 26%
II. COMPLIANCE STANDARDS FOR ANTI-MONEY LAUNDERING (AML) AND COMBATING THE FINANCING OF TERRORISM (CFT) 25%
III. AML, CFT AND SANCTIONS COMPLIANCE PROGRAMS 28%
IV. CONDUCTING AND SUPPORTING THE INVESTIGATION PROCESS 21%
- Currently CAMS Virtual Classroom Series available in English, French, and Spanish languages.
- Once passing CAMS examination, he/she can use the CAMS designation after his/her name.
* Recertification: Every three (3) years, the CAMS professionals have to be recertified as that he/she can use the CAMS designation after his/her name.
- To recertify, one need to complete a total of 60 recertification credits, and 12 of these must come from ACAMS provided training.
Sources:
- https://www.acams.org/en
- https://www.acams.org/en/certifications/cams-certification
- CERTIFICATION Candidate Handbook For the Certified Anti-Money Laundering Specialist Examination.
- https://www.acams.org/en/certifications/recertification/specialist-level-recertification
NB: As the information may change at any time so, please visit the ACAMS website for latest update of CAMS Certification.
Published Date: 11/12/2023
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