ACAMS: What Should You Know About ACAMS
ACAMS is the largest Anti-Money Laundering organization worldwide. The professional association serves to provide specialized training and certification for anti-money laundering professionals. ACAMS has more than 20,000 individual members worldwide. To take the CAMS exam, they must apply for ACAMS membership.
Importance of CAMS Certificate
CAMS certificate is the only certificate in the field of anti-money laundering. Also, passing the CAMS exam means learning a lot of knowledge needed in the industry. That is a positive point for employers, and CAMS certification keeps AML professionals interested in new trends and up-to-date. CAMS certification can mean better job opportunities in the career field and an improvement in salary.
Certified Anti-Money Laundering Specialist (CAMS) stands for advanced understanding and knowledge of international AML / CFT principles. Candidates who want to become an expert in anti-money laundering need this certificate. AML certificates are accepted globally by financial institutions, governments, and regulators to secure the financial system against money laundering. However, ACAMS certificates are responsible for providing candidates with the necessary knowledge and skills. The primary consideration for each certification exam is whether the required skills are provided.
CAMS Exam Eligibility Requirements
There are some eligibility requirements for the CAMS exam. Not everyone can take the CAMS exam. These eligibility conditions are briefly;
- Candidates must have 40 credits of a college education. Employment experience can be in any industry, but college is compulsory.
- An accreditation that includes professional financial certifications such as CPA, CPE, and CPP can count up to 10 credits.
- Applicants are awarded 10 credits for an associate degree, 20 credits for a bachelor's degree, and 30 credits for a master's and doctoral degree.
How To Study The CAMS Examination?
Preparation for the exam is where you have to prove yourself. It is necessary to prepare very well to be able to pass the exam. 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. However, ACAMS provides study tips for people who have already completed the exam. You can also try expert guidance with the Virtual Classroom. Virtual classes consist of 6-week programs.
Balancing Both Your Career and Education
The hardest part of getting a CAMS certificate is that most candidates have a full-time job. Trying to advance a career and education at the same time is not always easy. There are some points to be aware of in this regard.
As it is known, a strong memory study must be done to get a CAMS certificate. As we explained above, you can continue these studies using flashcards. However, strengthening your memory will help you in the exam. The right thing to do to enhance memory is to repeat often. As is known, the more often you go a road, the more familiar it will be to you. On the other hand, one of the biggest problems in career and education balance is a sleep disorder. Sleep affects many vital issues, from your performance at work to your memory. For this reason, we recommend that you prepare your study plan in a way that does not disturb your sleep pattern.
When balancing career and education and taking an active role in both, your motivation is essential. To keep your motivation healthy, you should set your goals well. Like why do you need a CAMS certificate? What is the career goal you want to come up with with the CAMS certificate? Ask yourself questions like these, write down the answers, and put them where you often see them. In this way, you will remember the location you want to reach at the end of this process and always keep your motivation high. Another thing that will increase your motivation and keep it alive is teamwork. Identifying a working group for yourself and working together will also provide stability.
Perhaps the most effective study method is to practice what you learn, right? This training and certificate already consist of information that we will actively use in business life. If you are investigating for a financial institution, you probably know what is happening in the processes, but imagine that you are encountering potential suspicious activity. The Study Guide's investigation aspect will help you learn what law enforcement is doing with these reports and how they freeze funds. If you're on the regulatory side, consider some of the risks associated with specific types of customers and determine how an organization can reduce risks from the relationship. These are just a few examples where you can apply what you've learned. I'm sure you will find a lot of models that can be applied in your business life.
CAMS Certification Done, What's Next?
Responsibilities Of Anti-Money Laundering Specialist
The Anti-Money Laundering (AML) officer monitors and investigates suspicious financial activities. They are usually powered by AML software that provides end-to-end security. They use digital tools to understand financial transactions better and identify trends.
AML specialists are expected to be able to organize data sets. However, they should have knowledge about pivot tables and statistical search methods. Professionals need to be able to quickly identify risk in a risk situation, understand business unit processes, and develop comprehensive mitigation solutions.
If you want to learn more about the Compliance Officer Skills, you can read the relevant content.