The first thing you need to be an anti-money laundering specialist is professional accreditation and education. The Certified Anti-Money Laundering Specialist certification (CAMS), is the most prestigious standard in AML certifications. It is also recognized internationally as a professional commitment towards protecting the financial system from money laundering.
This article will explain CAMS, its importance, certification details, and preparation methods for the exam.
Understanding Anti-Money Laundering
Anti-money laundering is a collection of laws, regulations, procedures, and policies that are designed to reduce money laundering. Though anti-money-laundering (AML) law covers a limited range of transactions and criminal behaviors, their implications are far-reaching. AML Specialists are familiar with all the laws that govern their financial institutions, both national and international. These professionals also train employees in fraud detection and reporting. These professionals create compliance policies and act as the point person for law enforcement during internal investigations. They also monitor financial activity and provide advice to the authorities on how to prevent it from happening.
We will discuss the importance of CAMS in the following paragraphs.
CAMS Certification is Important
CAMS certification is the only certification that can be used to identify anti-money laundering specialists. Passing the CAMS exam will increase candidates’ knowledge and expand their skills needed to protect organizations and prevent crime. Financial auditors can prove their commitment to professional development by obtaining this certification. CAMS certification also keeps anti-money laundering specialists up to date with industry trends. CAMS certification can lead to better job opportunities and higher wages, which is a key factor in career advancement.
We will now be able to understand the CAMS certification and other important details.
What is CAMS Certification?
A Certified Anti-Money Laundering Specialist certification (CAMS), means that you have a deep understanding of international AML/CFT principles. Expert authorization is required for candidates who wish to become anti-money laundering experts. AML certifications can be accepted worldwide by financial institutions, governments, as well as regulators to protect the financial system from money laundering. ACAMS certifications give aspirants the knowledge and skills to advance. It is important to understand the details of every certification exam. This includes eligibility and skills required.
Let’s now look at the eligibility requirements for CAMS exam.
Specialized Anti-Money Laundering Certification Requirements
Candidates should meet the following requirements to take the CAM exam:
First, aspirants must have completed at least 40 college credits. ACAMS allows professional experience to be counted by awarding 10 credits per annum for up to three years or 30 credits. This employment experience can be in any industry or sector.
Second, financial professional certifications can be counted for up to 10 credit per accreditation that includes CPA, CPE, or CPP.
Final, applications are granted 10 credits for an associate’s and 20 credits for bachelor’s degrees. Master’s and doctorate degrees will be awarded 30 credits.
Next, we will discuss the skills section. This will cover basic skills required for AML Specialists.
Essential Skills
First, anti-money laundering specialists must have strong analytical skills to organize multiple data sets and analyze them.
Second, you will need to be able to use advanced data sets and pivot tables to support your work.
They should also be able to communicate with each other.