Q2 Technologies to conceal the source of funds obtained through illegal acts, criminals engage in money laundering schemes. A certified anti-money laundering specialist (CAMS) is a professional who specializes in the prevention, detection and investigation of money laundering activity.
Qualifying as a CAMS
Candidates earn ten credits for an associate’s degree, 20 credits for a bachelor’s degree, 30 credits for a master’s, and 40 credits for a J.D. or a Ph.D. They also receive ten credits for each year of anti-financial-crime compliance experience and one credit for each hour of anti-financial-crime-related training. Candidates must also submit an online examination application.
The CAMS examination includes four domains:
- Risk and methods of money laundering and terrorism financing
- Conducting and supporting the investigation process
- Anti-money laundering, combating the financing of terrorism and sanctions compliance programs
- Compliance standards for anti-money laundering and combating the financing of terrorism
To earn the CAMS certification, candidates must complete the application process and schedule to sit the exam at an ACAMS-approved testing center. Candidates must earn a grade of 75 or higher in order to pass the exam.
Professional opportunities for specialists
Once certified, individuals who possess the CAMS certification pursue careers in the public and private sectors. Given the role the financial sector plays in preventing money laundering, many holders of the certification work in financial services. Accounting firms (such as the “Big Four”: Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY) and KPMG) also value those who possess the CAMS certification, particularly as it relates to their forensic accounting practices.
Following CAMS certification, many compliance professionals choose to broaden and deepen their knowledge of key regulatory risks, including financial crime, economic sanctions and corruption. For example, the Dow Jones Risk & Compliance Training Center delivers practical, yet comprehensive, modules that are written and maintained to meet regulatory expectations.
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