How Do You Become an Anti-Money Laundering Specialist?

Those who want to become an anti-money laundering specialist will not need the right education or employment, but a professional accreditation. The Certified Anti-Money Laundering Specialist (CAMS) credential is the one-of-a-kind designation for financial auditors to combat money laundering.

Obtain CAMS Certification

The CAMS exam is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS). This professional association serves to provide exclusive training and certification for anti-money laundering professionals. There are over 20,000 individual members around the world. In order to qualify for the CAMS exam, applicants must first apply for membership with the ACAMS. The CAMS certification exam rigorously tests the expertise and aptitude of the test taker’s comprehension of anti-money laundering detection, prevention and enforcement. Every person who passes the exam receives the prestigious Certified Anti-Money Laundering Specialist (CAMS) credential that designates them as an expert. The CAMS credential is globally recognized by governments and financial institutions around the world.

Eligibility Requirements

There are many more requirements before financial experts can enroll to take the CAM exam. First, exam applicants need to earn at least 40 credits of college coursework. Fortunately, the ACAMS counts professional experience by awarding 10 credits per year for up to three total years, or 30 credits. This employment experience can be in any sector or industry. Next, financial professional certifications can count for up to 10 credits per each accreditation, which includes widely recognized certifications like CPA, CPE or CPP. Finally, applications are awarded 10 credits for an associate’s degree, 20 credits for a bachelor’s degree and 30 credits for a master’s or doctorate degree. As a final resort, applicants can receive up to four credits for completing an AML course.

Why CAMS Certification is Irreplaceable

The CAMS certification is the one and only credential for anti-money laundering specialists. By preparing and passing the CAMS exam, candidates strengthen their knowledge, expand their expertise and gain the competencies needed to better protect organizations and prevent crimes. By pursuing this credential, financial auditors prove they are committed to their craft and the development of their professional skills. The CAMS certification keeps anti-money laundering specialists aware of new industry trends. Even more importantly, it demonstrates to regulators that the employers are committed to combating money laundering. From a career advancement perspective, the CAMS certification means better job opportunities and higher wages.

CAMS Exam Content

The CAMS exam contains 120 multiple choice questions that candidates must complete within three and a half hours. There are no penalties for guessing and test takers are encouraged to avoid leaving any questions unanswered. The CAMS exam content includes questions on money laundering and terrorism financing techniques. This may appear in the form of questions regarding non-bank financial institutions, such as casinos and insurance companies, and also popular terrorist financing methods, such as NGO’s and charities. Questions about compliance programs will touch on risk models, assessments and procedural policies. Candidates will be asked how to maintain compliance programs through best practices, internal controls and ongoing training. Additional exam areas include investigation processes and national and global anti-money laundering laws.

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To become an anti-money laundering specialist, it is necessary to earn a finance related degree and pass the CAMS exam.