It takes a lot of resolve and persistent effort to pass exams and earn credentials. Your reputation in the market will improve as a result of your certifications, which also attest to your knowledge in that subject. The Certified Anti-Money Laundering Specialist (CAMS) certification operates similarly.
The Certified Anti-Money Laundering Specialist (CAMS) certification program serves to certify your knowledge of the anti-money laundering and counterterrorism financing fields. The ACAMS offers this qualification. They are the biggest international professional group whose goal is to advance the understanding and skill of finance criminal identification.
Now let's take a closer look at the fundamental test information for the ACAMS Certification- Anti-Money Laundering Specialist exam.
Study tips for achieving ACAMS Certification
1.
Decide on an approximate exam date (it doesn't signify if it's six months or six weeks away). Simply mark the date in your calendar without making a commitment with ACAMS. This aids in both the planning of your study time and the mental preparation. We all have a lot of things going on in our lives, so planning study time helps. Reliability is the key. So, for as much as you need, we advise 1-2 hours per day of persistent study for ACAMS Certification.
2.
Determine your learning preferences and become acquainted with the study material (beginning to end). How wonderful is it that ACAMS offers both a PDF and audio edition of the manual? An additional interactive course that provides topic summaries Since you can learn best visually, you can make a table for yourself that compared several things from one to the other (such as EU Directives), which really allows you to memorize more. Discover what helps you recall things more easily and what works for you to get successful attempts for Cams Certification.
3.
READ the case studies and all of the chapters several times. Analyzing case studies can aid you in better navigating scenario-based test questions.
4.
To learn more about their experiences, speak with your peers who have already completed the exam. Everyone learns in a different way, so it doesn't harm to experiment to see what works for you.
Course outline for ACAMS Certification
The Certified Anti-Money Laundering Specialists CAMS exam covers the following topics:
Risks and techniques of money laundering and financing of terrorism (first) (26%)
Compliance requirements for preventing money laundering and terrorism financing (25%)
Anti-money laundering, counter-terrorist financing, and sanctions compliance programs (28%)
Conducting or assisting anti-money laundering investigations (21%).
Importance of ACAMS Certification
The market is competitive, and ACAMS Certification stands out. A certification in anti-money laundering is generally considered great and respected.
It is highly advised to follow in the footsteps of the millions of professionals who have obtained the CAMS credential and progressed to Advanced Certification with CAMS-Audit and CAMS-FCI. Your career will improve owing to your ACAMS Certification by giving you the necessary information and abilities.
Your knowledge, abilities, and expertise in AML/CFT, as well as in the identification and avoidance of financial crime, will all be improved with the use of ACAMS study material.
Those with the Anti-Money Laundering designation put themselves in a situation to lead their field and advance their careers.
Eligibility of ACAMS Certification
The CAMS test has some criteria for participation. The CAMS exam isn't available to everyone. Here are these criteria in brief:
Candidates must have completed 40 college credits. Experience in the industry can come from any sector, but college is required.
An accreditation that counts up to 10 credits may include professional financial qualifications like CPA, CPE, and CPP.
For an undergrad degree, applicants receive 10 credits; for a bachelor's degree, they receive 20 credits; for a master's degree as well as a doctoral degree, they receive 30 credits.
Syllabus to cover for ACAMS Certification
Chapter 1:
Stages of ML; RDC; economic/social consequences of ML; PTA; TSP; Structuring; Private Banking; Prepaid Cards; MSB; Security Broker-Dealers; Insurance; Casinos; Dealers in High-Value Items; Travel Agencies; Real Estate; BMPE; TBML; Correspondent Banking (in context of USA PATRIOT Act, Wolfsberg, etc); Shell Companies; NPO; TF (In light of R40, how funds are moved, etc); Human Trafficking.
Chapter 2:
EU Thresholds; Goals/objective of FATF/FSRB, EU Directive; Customer Due Diligence for Banks (Few questions from here); Third and Fourth Directive; USA PATRIOT Act; Wolfsberg (Private banking, financing of terrorism, correspondent banking), OFAC.
Chapter 3:
AML/CFT Risk Identification; Specific training; Elements of the AML Program; Culture of Compliance; Know your customer/employee; Sanctions; Red Flags
Prepare your mindset for ACAMS Certification
Both studying the topic continuously and preparing your thoughts for the exam are crucial. Even while it's common to feel apprehensive before an exam, it doesn't always indicate you aren't prepared. When you are confident with the resources and feel prepared, you are prepared. Simply go for it and rely on your gut. Make it a habit to read aloud the post's content a few times before studying because it always made you feel good and inspired.
Things to remember
Keep in mind that there are 120 questions in the exam, each with multiple-choice options. The exam will last for three and a half hours. Thoroughly read through the questions. Exam questions occasionally include the term "could" rather than "should," and just one small word can drastically alter the question.
You can "mark" questions for later review while taking the test, so label the ones you're not sure about and go over them once more after the test is over.
Here are some tips you can use to get ready for the CAMS exam, to sum up:
Think back to your college or high school years and consider the type of learner you were. To start, choose your favorite study style.
Make time for activities you enjoy to reduce your stress.
Utilize the resources at your disposal and concentrate on areas that want improvement.
Take your time and give questions you're not sure about a second thought. Above all, believe in your gut feelings.
Conclusion
You must obtain a mark of 75% or higher on the ACAMS certification to pass. As soon as the exam is submitted, you will get your results. Keep in mind that, even if success isn't assured, if you put the effort into studying, you're giving yourself a far better opportunity.