ACAMS Certification Exams
What are ACAMS Certifications
ACAMS is the largest international AML as well as financial crime prevention community. This global membership organization is dedicated to fighting against financial crime and provides all the individuals interested in joining this sector with the whole certification program. ACAMS is helpful both for people and organizations. Thus, the vendor gives you an opportunity to become a part of a global community, which is dedicated to ending financial crime. For the companies, it is possible to join other organizations worldwide that train as well as accredit the financial crime prevention teams with the help of ACAMS.
ACAMS Certification Program Overview
The ACAMS certification program offers several options that can help you become a specialist you want to enter the Anti Money Laundering field. The vendor verifies your knowledge and skills in the area, but a potential candidate needs to be an ACAMS Member to apply for any of the available options. All in all, the certification program of this company divides into several levels of difficulty and includes the following paths:
1. Associate level
This is the first track that you can go for to validate your associate-level skills that provides all the interested candidates with the following options:
This certification proves that a successful individual has the skills in onboarding the clients, updating customer profiles, and conducting periodic reviews. It also ensures that the front line teams and operations teams of a company meet the core competencies, which are involved with know your customer, customer due diligence, as well as enhanced due diligence activities. It is recommended that you have more than 6 months of experience in the KYC/CDD roles before taking the qualification exam.
Having this certificate shows that you know what to do while being an alert investigator. Those who hold it can standardize as well as benchmark the knowledge of the transaction monitoring team. This path is usually taken by the early career professionals who want to validate their current skills or get the new ones to work in the transaction monitoring role. It is recommended but not strictly required to have 6-12 months of experience in the area to be able to better understand the concepts. There is only one qualification exam included in the path.
As for this certification path, it enables you to demonstrate as well as provide evidence of the financial crime prevention preparedness. It is designed to improve the skills of the teams you rely on in order to protect your organization. It also helps you ensure that they understand the core compliance principles, risks, and functions. There is only one 90-minute test that the students need to pass to get certified.
2. Specialist level
This is another level available in the ACAMS certification program that covers the specialized areas that you may need the skills in. Thus, you can choose from the following paths:
This is one of the most popular paths of the ACAMS certification program among the candidates. The certificate outlines the key principles of money laundering and proves that you are able to prevent it. To be eligible for the path and qualification exam, you need to have 40 ACAMS credits. To be sure that you meet the eligibility criteria, you can find the eligibility calculator as well as CAMS handbook on the official website. To be able to take the test, you will also need to apply a form to register.
With the help of this certification, you can equip yourself with the tools you need to understand and be able to interpret the changing sanctions regimes. By obtaining this certificate, you can show that you understand the sanctions measures, their purpose, as well as how they are introduced. The individuals with this option also have the skills in identifying the sanctions evasion techniques and understanding the sanctions due diligence. It is intended for the sanctions professionals of the mid-to-senior level who meet the eligibility criteria, which include the ACAMS membership and 40 ACAMS credits. There is only one exam that you need to pass.
3. Advanced Specialist level
The last available certification track validates more advanced skills and knowledge of the interested individuals. It has the following paths to go for:
This certificate equips the interested mid-level and senior-level management professionals with the knowledge and skills necessary to reinforce the internal controls. It also proves that you are able to meet regulatory expectations, have the knowledge of AFC controls, and know how to protect an organization. It is required that you hold the CAMS certification as well as possess 5 or more years of experience in the audit or audit-related spheres. To obtain it, you need to prepare with great deliberation, apply for the qualification exam, and pass it successfully.
With this certification, the interested individuals can prove their existing investigation skills and build on the ability to effectively communicate any suspicious activity. It is a good opportunity to hone your skills in the area and show that you can open the lines of communication with the law enforcement agencies. The requirements are the same as for the previous option, so you need to be ready to have some prior knowledge.
The last available option demonstrates a specialized knowledge of a professional in managing financial crime risk. The knowledge you obtain along with the certification helps your organization evaluate as well as improve the existing protocols and processes. You can also easily prepare for the changing paradigms. The certificate is available for those who have already earned the CAMS certification.
To make sure that you pass the qualification test of the chosen path, the vendor offers different online and classroom sessions. There are various study courses for each option and they last for about 6 weeks. Usually, they last for a couple of hours and you can find them in the training centers near you. These courses provide all the interested candidates with the additional guided instructions in order to help them learn and master the key concepts covered in the exam content. The participants are able to interact with the instructors and fellow participants as well as receive instant assistance and advice.
Besides that, you can find other resources, both on the official website and third-party sources. Thus, you can use study guides, video lectures, and search for some additional tools on community forums. Also, such materials as exam dumps and practice tests are popular among the students. You can get them from the platforms you know, but be sure that the material is relevant to the current exam topics.
Becoming a professional certified with one of the ACAMS certificates can help you harvest a bunch of benefits to grow your career. Thus, you will be able to land a better position and expect a higher salary. The certifications of this vendor can help you become an Anti-Money Laundering Compliance Analyst, a Monitoring & Testing Analyst, a Financial Crime Prevention Intelligence Specialist, an Anti-Money Laundering Risk (EDD) Associate, and so on. The possibilities are broad, so you can expect to earn about $68,000-$125,000 per year.
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