Last Updated: May 25
Money laundering is a serious financial crime. It involves the legalization of money that is earned unlawfully. AML experts are a critical part of any organization as they protect their companies from financial crimes. The CAMS certification is the only anti-money laundering certification that is widely recognized. To become a certified anti-money-laundering expert you need to take the CAMS (Certified Anti Money Laundering Specialist) exam.
In this article, we will discuss everything you need to know about the CAMS certification. You may register the exam at the official site acams.org
The CAMS certification is recognized worldwide and is not focused on a single country. The course content is relevant to all countries of the world. To take the exam, you must have experience relevant to AML in the real world.
Professional references are mandatory for all candidates. They are individuals who can vouch for your AML knowledge and experience. Your relatives and ACAMS staff cannot be your professional references.
Here is an effective way to study for the CAMS exam:
For preparation, time is not a constraint. You should give at least two to three hours per day while preparing for the exam if you are aware of the AML frameworks. For a person who is new to the AML domain, it can be much more than two to three hours.
You have to memorize a lot of factual content for the exam. Candidates who appear in the exam report that 20-30% of the questions require the memorization of content.
There is no negative marking in the CAMS exam.
• There are 120 multiple choice questions in the exam.
• The time limit to solve these questions is 3.5 hours (210 minutes).
• There is no negative marking in the exam therefore you should not leave any question unanswered.
• The test is MCQs based and for every question, you are given four to five options.
• There are some questions with single answers and some with multiple answers. For questions with multiple answers, you have to select all the correct answers to score a point.
Yes, you can take the exam in the following languages:
The official study guide provided by the ACAMS consists of eight chapters. Chapter 1-6 has all the study material while chapter 7 has practice questions for the examination. Chapter 8 has guidance material and other documents. It is important that you study some additional topics which are mentioned below in the article.
The official ACAMS study guide does not cover all the questions that appear in the CAMS exam. It is very important that you read information from online sources of important topics. These include:
Following tips will be helpful while taking the exam:
To obtain the CAMS certification, you need to earn at least 75 points (out of 120) in the exam.
On the day of the exam, you have to bring a valid form of identification. You can bring your passport, driver’s license, or any form of government-issued ID.
The CAMS certification expires in three years. CAMS professionals can recertify after three years.
The recertification costs between $200 – $250 before the deadline. If you miss the deadline, you must pay $300 to recertify.
A CAMS certified is an expert in anti-money-laundering techniques and is aware of the market trends. Having this certification ensures improved work prospects and better salaries. A CAMS professional can work in the public and private sector as:
CAMS certification is a vital component of a successful AML career. Nowadays, large financial institutions have made CAMS a mandatory requirement for positions in the AML and CTF.
It is observed that a certified AML earns much more than a non-certified professional. On average, a CAMS professional earns $17 per hour or $80K per annum while the salary of non-certified professional ranges from $50K-$60K per year.
Yes, there are many alternatives to the CAMS certification:
CFCS is a new certification and is not globally recognized. CFE is beneficial for those who want to pursue their career as fraud investigators. CAMS is the only certification that is widely recognized as the standard in the anti-money-laundering certifications.
In the AML domain, the CAMS certification is by far the most prestigious credential. It is an effective tool in fighting crime and terrorism. A certified individual can easily identify how and where threats originate. Even though it requires a big investment but it is a valuable contribution to your career and will open many doors for success in financial institutions. Preparing for the exam will not be easy but you will certainly reap the benefits of the time you put into studying.
P.S. For latest update of the exam rules and policies please refer to the official exam organization at acams.org.
Holly have worked in the compliance field for over 15 years. She is now the senior editor in exam team.
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