ACAMS is one of the leading organizations that offer membership to specialists who are committed to combating financial crimes and supports both professionals and companies through leadership, education, as well as developing networks with counterparts.

Short Look at ACAMS Certifications

ACAMS means the Association of Certified Anti-Money Laundering Specialists, and their certificates are divided into three levels, including associate, specialist, together with advanced specialist. In particular, the associate tier houses the following designations:

• Certified Know Your Customer Associate;
• Certified AML FinTech Compliance Associate;
• Certified Transaction Monitoring Associate;

Then, the specialist level comprises two validations like:

• Certified Anti-Money Laundering Specialist;
• Certified Global Sanctions Specialist.

Last of all, the high-level specialist certifications are:

• Advanced CAMS — Audit;
• Advanced CAMS — Financial Crimes Investigations;
• Advanced CAMS — Risk Management.

Now that you understand what the ACAMS certification program entails, let us dive into its three most outstanding qualifications.

Certified Anti-Money Laundering Specialist (CAMS) Certification

The CAMS certificate is designed to confirm that a candidate has quality comprehension of the core concepts regarding financial crimes, specifically money laundering. Note that only registered ACAMS members are allowed to pursue it. Therefore, joining this association is mandatory. To add more, only specialists with 40 ACAMS credits are entitled to opt for such a certificate. Keep in mind that the calculation of these credits is done by considering your professional experience plus your level of training related to financial crimes. Once you have affirmed your eligibility, you can now prepare for and take the CAMS exam in order to get certified.

More CAMS Exam Details

When it comes to the exam details for the CAMS, any interested party will have to go through 120 questions, consisting of both MCQs and multiple-selection items. Plus, all these have to be completed in three and a half hours. It is only after attaining a score of 75 that you'll be awarded the CAMS certification. In all, the vendor offers two packages for the registration for the actual exam. One is a standard package that does not include a virtual classroom and costs $1,695 and $1,295 for the private and the public sectors respectively. The other package is priced at $2,180 for the private sector and $1,790 for the public sector and also comprises online classes regarding the CAMS exam content. By the way, the latter is divided into four subject areas. In brief, here is a list of the domains that may be tested during the final test:

• Risks plus procedures for money laundering as well as the financing of terrorism;
• Standards of compliance for anti-money laundering in addition to combating terrorism finance;
• Programs for CFT, AML, plus sanctions compliance;
• Conducting as well as supporting the process of investigation.

Certified Global Sanctions Specialist (CGSS) Certificate

The CGSS qualification is intended to validate that a specialist holds the dexterity needed to comprehend and explain changes to sanction policies. Thus, professionals who are in fields such as sanctions compliance and regulatory compliance are eligible to pursue it. To get certified, individuals have to sit and pass the CGSS exam, which is available to the members of the ACAMS community. After joining it, eligibility is checked by looking at academic credits that one has gained over the years. In particular, 40 ACAMS credits are required to apply for such a test plus, there are five topics that are examined. Thus, they are:

• Governance as well as enforcement;
• Techniques for evading sanctions;
• Sanctions due diligence;
• Screening of sanctions;
• Investigation of sanctions together with freezing of assets.

Details of CGSS Evaluation

The CGSS certification exam consists of 100 items that are spread between multiple-choice and multiple-response questions. There are also some items that are not scored but used to collect information. Anyway, these questions do not affect the score and are not identified in the final evaluation. Then, passing such an exam requires a minimum of 62.5% of the scored questions to be answered correctly, and it is allocated 2 hours and 55 minutes to complete the whole CGSS test. To add more, this evaluation is offered in two packages that include exam fees. One is the standard package that costs $1,695 for the private sector and $1,295 for the public sector. The other is the virtual classroom package which goes for $2,180 and $1,790 for the private and public sectors respectively. Lastly, Pearson VUE is the accredited testing provider for this ACAMS exam.

Certified AML FinTech Compliance Associate (CAFCA) Designation

This associate-level certificate is designed to affirm how prepared an individual as well as an organization is to intercept & deal with financial crimes using techniques designed specifically for them, and is suitable for individuals who work in FinTech companies. Getting certified requires passing the CAFCA exam and attending the digital course that both cut across five domains including:

• Governance, guidance as well as regulation;
• Due diligence over customer types;
• Screening of payment and monitoring of transactions;
• Investigations, inquiries, along with reporting;
• Scaling of strategies for anti-financial crimes.

Note that the class for this certification was developed by FINTRAIL, a consultancy focusing on FinTech and RegTech so the certificate was designed to enable FinTechs to recognize and moderate financial risks. Also, keep in mind that before a certified professional can display the designation, he or she has to register to become a member of ACAMS.

Characteristics of CAFCA Test

When taking the main CAFCA exam, you will come across 60 questions that are multiple choices, some of which are unscored. These unscored items, in particular, are intended to provide statistical data and do not affect the final score. What’s more, passing this evaluation requires providing correct answers to 68% of the scored questions, and it takes 1.5 hours to finish the whole test, where Pearson VUE is its authorized test provider. So, if you aim to sit for this exam, you may purchase the standard exam package that includes the e-study guide in the pdf format, online flashcards, the voucher for the official CAFCA evaluation, and the e-learning class. Also, it doesn’t matter whether you choose the private or public sectors of this pack, you’ll have to pay the mean price of $995 for it.

Career Opportunities

As of right now, certifications have become a must-have tool for professionals looking to land good employment opportunities. Thus, CGSS and CAFCA certified individuals are needed in the finance sector because of the rise in financial risk. This is because technology and other factors have led to an increase in the number of financial crimes. CGSS certified individuals, for example, can apply these skills in regulatory bodies that monitor sanctions. On the other hand, CAFCA certified specialists have roles such as compliance officers, risk analysts, and other jobs in FinTech companies. These organizations are growing fast, thus, more and more certified professionals are required. As an outcome, opportunities that are available for these individuals include networking since they are holding globally accepted validations. Also, an improved salary is another plus for anyone who has captured one ACAMS certificate. For instance, data from PayScale.com shows that a certified compliance officer stands to earn $70,101 a year on average. In addition, risk analysts get a mean pay of $65,699 annually according to this particular source. This indicates that professionals with these certifications are rewarded handsomely for their skills. Furthermore, having such designations makes you indispensable in the company. When organizations are downsizing due to hard economic times, employees with ACAMS certificates are considered for retention over those who are not certified.

What Next after These Certifications?

After achieving either of these certificates, it does not mean that it is the end of learning. It is important to study more and acquire other certifications so that more opportunities are available for you. Therefore, an individual with the CAFCA qualification can go forth and pursue a specialist or advanced specialist certification to his/her liking. On the other hand, the CGSS endorsement also can be bolstered by attaining the advanced specialist designations in audit, financial crimes investigation, or the management of risk.