What is the Certified Anti-Money Laundering Specialist (CAMS) certification?
The CAMS exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS). The Certified Anti-Money Laundering Specialist (CAMS) credential is the gold model in Anti Money Laundering (AML) certifications and is acknowledged internationally by financial institutions, governments and regulators as a solemn commitment to protecting the financial system against money laundering.
Who is an Anti-Money Laundering Specialist?
An Anti-money Laundering Specialist, also known as a certified anti-money laundering specialist (CAMS) is a person responsible for the prevention, identification, and investigation of money laundering activity.
Who is Using AML?
Banks and other financial institutions are the most prominent users of AML legislation, as they are compelled to report any suspicious behaviour to authorities.
What makes AML crucial for businesses?
With the advent of new, diverse technologies and digitization, criminals are now looking for creative new ways to commit crimes. Due to the rise in financial crimes, institutions now have an even greater need to invest in appropriate technology and adhere to regulations.
Why is AML training so important?
Money laundering is a growing menace and is the biggest concern for governments around the world. Criminals use money-laundering schemes to hide the origin of funds acquired through unlawful means. Therefore, to help detect and report any such suspicious activity, staff training and awareness-raising on Anti Money Laundering are needed. The reason is simple. Employees are a firm’s best defence against money launderers and terrorist financiers who may try to abuse the services it offers for their own illegal purposes.
Who needs Anti Money Laundering Training and how often?
The money laundering legislation calls for all relevant employees to receive AML training, stating that employees should be provided with ongoing training on identifying a transaction or other activity that may be related to money laundering or terrorist financing, and on how to proceed once such a transaction or activity is identified.
Who can take the Certified Anti-Money Laundering Specialist (CAMS) exam?
Anybody who aspires to work in the core compliance field (Banking, Money Exchange houses, etc.) can prepare for CAMS certification. This certification is also for those who wish to shift their career into compliance.
How many questions are there in the Certified Anti-Money Laundering Specialist (CAMS) exam?
The Certified Anti-Money Laundering Specialist (CAMS) exam has 120 questions.
What is the format for the Certified Anti-Money Laundering Specialist (CAMS) exam?
The (CAMS) is an online examination available in the form of multiple-choice and multiple-select questions.
How much time will be given to the candidate to complete the Certified Anti-Money Laundering Specialist (CAMS) exam?
The candidate will be given three and a half hours to complete the (CAMS) exam.
What are the passing marks for the Certified Anti-Money Laundering Specialist (CAMS) exam?
The candidate has to obtain 75% or above in order to pass the CAMS exam.
What are the eligibility requirements for the CAMS exam?
The candidate who wants to take the (CAMS) examination must have:
- An active ACAMS membership
- They must have 40 credits in education (10 for Associates, 20 for Bachelors, 30 for Masters, 40 for JD or PhD),
- Work experience (10 credits for each year of experience) and training (1 credit for each hour of financial-crime-related training).
How can I prepare for the CAMS exam?
The candidate has to follow some preparatory steps which are provided by our CAMS Trainers and try your hands-on practice test, etc.
In how many languages is the CAMS exam available?
- Arabic
- Bahasa Indonesia
- Chinese–simplified
- Chinese–Traditional
- English
- French
- German
- Japanese
- Portuguese
- Russian
- Spanish
How do I register to take the CAMS Certification Exam?
Edoxi’s trainers will guide you and help you with the Anti Money Laundering Certification Exam.
How long is my CAMS certification valid?
If you have passed the AML Certification exam and received the CAMS certification, it is valid for 3 years. However, certified members will be required to further their knowledge through continuing education. Members will need to recertify upon the conclusion of this 3-year cycle.
When will I know my test score?
Your score is displayed upon submission of your examination. You will also receive a printed score report at the test centre, and it will be emailed to you shortly after your examination. This email will state your exam results and how to maintain the certification up to date.
What happens if I fail the test?
Candidates who fail are able to retake the examination 30 days after the first attempt, 60 days after the second attempt, and 90 days after the 3rd and each following attempt. The cost to retake the exam is $299 for private-sector members and $199 for public-sector members.
What career options are available after the Certified Anti Money Laundering Specialist Course?
There is a rising demand for Anti-money Laundering Specialists and therefore the career options after you become a Certified Anti Money Laundering Specialist are plenty. Popular career options include AML Specialist/Associate, Financial Crime Operations Delivery Lead, AML Compliance Analyst, KYC Analyst, Money laundering reporting officer, Client Intelligence Unit (CIU) Director, Correspondent Banking (Compliance/ Anti-Financial Crime), Compliance Officer, etc. Most of them are employed with private money lending organisations or with nationalised banks.
Why is it important to get Anti Money Laundering Certification?
Anti-Money Laundering Certification or becoming a Certified Anti Money Laundering Specialist is always beneficial and is crucial for those trying to enter the field to educate themselves in forensic accounting, statistical data mining, and risk management. Contact Edoxi now to get your Certified Anti Money Laundering Specialist Training.