What Should You Know About ACAMS?
ACAMS, or the Association of Certified Anti-Money Laundering Specialists, is a globally recognized professional organization dedicated to providing specialized training and certification in the field of anti-money laundering (AML). With over 20,000 individual members in countries across the world, ACAMS is the largest AML organization in the world. It is one of the most popular certificates among compliance officers.
One of the key benefits of becoming a member of ACAMS is the opportunity to take the Certified Anti-Money Laundering Specialist (CAMS) exam. This exam is considered to be the gold standard in AML certification and is recognized by financial institutions, governments, and regulators around the world. In order to take the CAMS exam, an individual must first apply for membership with ACAMS.
ACAMS also offers a wide range of resources and educational opportunities for its members, including online courses, webinars, and conferences. The organization is committed to promoting best practices in the field of AML and to helping its members stay up-to-date with the latest developments in the industry.
It is a valuable resource for anyone working in the field of anti-money laundering like compliance officers or for those who are interested in pursuing a career in this area. With its global network of experts, cutting-edge training programs, and commitment to promoting best practices, ACAMS is an organization that is well worth considering for anyone looking to build a career in the fight against money laundering.
Importance of CAMS Certificate
The CAMS certificate is a highly recognized and respected designation in the field of AML. The certificate demonstrates a deep understanding of AML principles and practices and is a testament to the individual's commitment to upholding high standards of ethics and professionalism in their work. Holding a CAMS certificate is crucial for individuals working in the financial services industry, particularly in the areas of compliance, risk management, and investigations. The certificate provides a comprehensive understanding of AML laws, regulations, and best practices and helps professionals stay up-to-date with the latest developments in the field.
By obtaining the CAMS certificate, compliance officers can increase their knowledge, demonstrate their expertise, and enhance their career prospects. This certificate is also valuable for organizations, as it helps them stay in compliance with AML regulations, minimize their exposure to financial crime, and build trust with their customers.
What Do You Need to Know About CAMS Exam?
Eligibility Requirements
To be eligible to take the CAMS exam, there are certain requirements that must be met. At a minimum, you must demonstrate that you have 40 eligibility credits, which can be obtained through a variety of means such as higher education, training programs, or professional experience. You must also be an ACAMS member to be eligible to take the exam. When it comes to evidence of your educational qualifications, you need to provide official transcripts or a copy of your diploma. While a higher education degree in financial crime is not required, it must be issued by an accredited college or university. Internship experience in the field of AML before being a compliance officer can also be counted towards the 40 eligibility credits requirement. If you have questions about your specific circumstances, please reach out to ACAMS for clarification.
Application Process
The application process for the CAMS Exam is simple and straightforward. Here's what you need to know about the CAMS Exam application process:
- Apply Online: You can find the CAMS Exam application form on the ACAMS website.
- Login Required: You'll need to log in to the ACAMS website to apply for the CAMS Exam. If you don't already have an ACAMS account, you can create one for free.
- Pay Later or Pay Now: You can pay for the CAMS Exam either before or after your application has been accepted.
- Supporting Documents: You'll need to upload supporting documents as part of the online CAMS Exam application process.
- Application Status: You can check the status of your CAMS Exam application at any time by logging in to the ACAMS website.
- Exam Timeframe: Once you purchase your CAMS Exam package, you have 6 months to take the exam. You can schedule your test by logging in to the ACAMS website and accessing the Pearson VUE exam scheduling system.
- Submitting Your Application: You can submit your CAMS Exam application on the ACAMS website. If you need assistance, you can reach out to the ACAMS support team.
- Application Not Transferable: The CAMS Exam application is not transferable. Every individual who applies to become a Certified Anti-Money Laundering Specialist must submit their own application. However, the exam fee may be transferable to someone else if you no longer wish to take the exam.
- Government Discount: There is a public sector pricing option available for the CAMS Exam for eligible government employees.
Overview of the Structure and Format of the CAMS Exam
The CAMS exam is a computer-based test that consists of 150 multiple-choice questions. The questions are designed to test the examinees' understanding of the core principles and practices of AML and CFT regulations, as well as their ability to apply these principles in real-world scenarios. The exam is divided into two parts: a knowledge-based section and a scenario-based section.
The knowledge-based section of the CAMS exam covers the following topics:
- AML and CFT regulatory requirements
- AML and CFT risks and vulnerabilities
- AML and CFT compliance programs
- Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
- Transaction Monitoring and Suspicious Activity Reporting (SAR)
- AML and CFT investigations
- AML and CFT sanctions and watchlists
- AML and CFT legal and enforcement considerations
The scenario-based section of the CAMS exam consists of 20 case studies, which require the examinee to apply their knowledge of AML and CFT regulations and practices to real-world scenarios.
The CAMS exam is a closed-book test, which means that examinees are not allowed to bring any reference materials into the testing room. The exam is timed, and examinees have 3 hours to complete it.
How to Study?
It is necessary to prepare very well to be able to pass the exam even for compliance officers with experience. A goal-oriented work plan is needed. However, CAMS shares some useful resources for exam preparation with candidates.
CAMS Study Guide is the first resource for the exam. It includes many concepts that will be useful during preparation. The guide first explains the risks and methods of money laundering, including financing terrorism. Compliance standards for terrorism financing and anti-money laundering come after this. Compliance programs are also disclosed.
ACAMS offers you the opportunity to work with flashcards. In this way, you can keep it in your memory. You can also try expert guidance with the Virtual Classroom, which has classes consisting of 6-week programs.
