Eligibility Criteria

How Can I Become Certified as Anti-Money Laundering Specialist?

Part 1: Eligibility Criteria

Becoming a certified anti-money laundering specialist can be the ideal way for you to achieve your goals if your aspirations are to work in the field of compliance, audit, or investigations in various banks and other financial institutions as well as designated non-financial business and professions such as gold and precious metal dealers etc. However, getting CAMS certified and becoming a member of the prestigious ACAMS community is no easy task, it requires the candidates to meet a strict eligibility criterion for qualifying to take the exam with ACAMS such as the specific credit points for the CAMS exam that make you eligible which come from your education, professional accreditation and AML training. After you meet these requirements, you then need to start looking towards wither you have the essential skills, what the scope of learning topic is and what resources are available for your learning.

This blog aims to help clarify your understanding of the importance of the certification, eligibility criteria for the CAMS exam and how you can send in an application.

What is Anti-Money Laundering?

The AML field has been around since decades but it really became prominent after the September 11 attacks where the terrorists used money laundering techniques to hide their illicit gains and use the legitimate financial system to move the funds they required for their heinous plot. After 9/11, various rules, regulations, legislations and procedures came into regular practices after regulators tightened their requirements for licensing financial institutions. to reduce money laundering. Today, it’s a highly specialised field covering a wide range of transaction types staring from money orders to cryptocurrency and its implications are international with virtually every country being a part of the FATF and other regional FATF Style bodies (FSRBS) that help put out model and up-to-date recommendations that assist the global economy in preventing white-collar-crime from taking place.

What is an AML Specialist?

In line with the global efforts to limit dirty money from entering banks and financial institutions, and AML Specialist and needs to be aware of the different methods in which Money-Laundering takes place as well as the national and internal laws that govern the operation of FIs. They need to be able to conduct effective investigations as well as have the knowledge to impart forward to their employees by training them on how to spot and report fraud transactions such as counterfeit currencies. Espcially for companies in Dubai, AML Training and Specialists are vital as Central Bank places increased importance on the role of compliance. AML Specialists are required to be independent of business line activities and often report directly to the Board of Directors. They draft effective policies and adjust strategy in line with risk assessments and goals. Further, they monitor internal and external individuals and businesses for doubtful financial activities.

What is the CAMS Certification?

Known as the “Gold Standard” certification for anti-money laundering specialist, the CAMS designation is one of the most widely recognised and respected designations in the world of counter-financing of terrorism and AML. This is most probably the only AML Certification that is globally accepted and can help you by passing the CAMS exam, candidates are demonstrating their knowledge and advanced skills in protecting their companies from being a victim of crime. The CAMS designation also needs to be renewed every three years so you demonstrate a commitment to learn and show that you are constantly improving your knowledge and understanding with new and advanced AML Training.

What is the Eligibility for taking the CAMS Exam?

Any professional who wants to become certified needs to earn at least 40 credits towards their certification application. Living in the UAE, you can use your professional experience (10 per year, up to a maximum of 30 credits) and this can come from any sector or industry, it doesn’t necessarily have to be from the Financial or Compliance sector. Any other relevant certifications you have taken such as the CFE, CFCS etc. can count towards another 10 points for your eligibility.

Finally, you can get credits for your education as well such as an associate’s degree earns you 10 points, a bachelors 2o and a doctorate or masters will earn you 30 credits.

You can also earn 1 credit point for each hour that you have undertaken of relevant training.

We hope you’ve found this blog post to be helpful in clearing your doubts, for any information regarding training for the CAMS exam in Dubai, please call us at 042273992 or drop us an email at [email protected].