ACAMS FREQUENTLY ASKED QUESTIONS
(FAQs)
What is the Association of Certified Anti-Money
Laundering Specialists (ACAMS)?
What is the mission of ACAMS?
Why was ACAMS created?
Who created ACAMS?
Why is certification for the anti-money laundering
professional important?
Who has set the standards for ACAMS
certification program?
When can I get certified?
Who should join ACAMS?
What are the benefits of joining ACAMS?
By joining ACAMS as a Professional Member, can I call
myself a “CAMS” (Certified
Anti-Money Laundering Specialist)?
Will ACAMS be “grandfathering” members with a lot of
experience in the field, so
that they don’t have to take the test?
Can anyone become a professional member?
What is the difference between a Corporate Sponsor
Member and a Corporate Affiliate Member?
If I work for the government, is my government agency automatically considered an ACAMS member?
If I work for the government do I need to purchase an individual government membership?
What is the Association of
Certified Anti-Money Laundering Specialists (ACAMS)?
ACAMS is a membership organization that provides a platform for career
development and professional networking for individuals and is a resource for
financial institutions and related businesses to identify and locate
specialists in the rapidly expanding money laundering control field.
What is the mission of ACAMS?
To advance the professional knowledge, skills and experience of those dedicated
to the detection and prevention of money laundering around the world, and to
promote the development and implementation of sound anti-money laundering
policies and procedures.
Why was ACAMS created?
ACAMS grew from an expanding need to identify professionals with clearly
identified expertise in the field of money laundering detection, prevention and
control. It develops anti-money laundering programs and certifies
specialists for financial and non-financial businesses and government agencies.
ACAMS aims to help financial institutions remain in compliance by providing
information on money laundering laws and regulations of the United States
and other countries, including the U.S. Bank Secrecy Act. ACAMS seeks to help
compliance officers, anti-money laundering specialists and in-service and
retired government regulators and enforcement agents perform their duties well
by providinig up-to-date information, education, career development and
professional networking opportunities. ACAMS also enables financial
institutions, trades ,businesses and government agencies identify
expertise in the field from which they may recruit personnel who meet minimum
certified standards.
Who created ACAMS?
ACAMS was created on November 7, 2001, by founding sponsor, Alert Global Media,
Inc., the leading independent authority on money laundering and, since 1989,
publisher of Money Laundering Alert, Alerta de Lavado de Dinero,
and www.moneylaundering.com. ACAMS
is located in Miami, Florida, U.S.A. A group of top-notch money laundering
experts from the U.S. and Europe serve on the ACAMS Advisory Board to help
guide ACAMS programs and services.
Why is certification for the
anti-money laundering professional important?
Career opportunities abound for anti-money laundering specialists, but the days
when untrained and underqualified personnel could fulfill such positions are
over. The "consumer" of the services of a compliance officer and other
anti-money laundering specialist has become more vigilant and demanding as the
legal responsibilities and government expectations have grown more complicated.
Certified anti-money laundering specialists are better prepared to detect and
prevent money laundering activities worldwide.
Who has set the standards
for the ACAMS certification program?
ACAMS has created its certification program in cooperation with Applied
Measurement Professionals (AMP), an independent testing company, to ensure that
the standards of the National Commission for Certifying Agencies (NCCA) are
met. Along with a group of subject-matter experts in the field, AMP conducted a
thorough analysis of various aspects of the profession resulting in an
international Job Task Analysis. The study
has delineated and validated the primary domains, tasks and skills of AML
professionals from different employment settings. ACAMS started conducting the
Certification Examination in March 2003.
When can I get certified?
By joining ACAMS as a Professional
Member, can I call myself a “CAMS” (Certified Anti-Money Laundering
Specialist)?
No. You must become certified by successfully completing and
passing the CAMS exam.
Will ACAMS be “grandfathering” members
with a lot of experience in the field, so that they don’t have to take the
test?
No. Grandfathering may go against the very premise of certification based on
commonly accepted knowledge. Notwithstanding that someone may work in an area
for years, different people learn different things at different stages. ACAMS
would have no way ascertaining what any grandfathered person knows. As this
would be detrimental to the long-term goals of the organization, ACAMS’
advisory board has decided not to implement a grandfathering process. To be
able to call yourself a “CAMS” (Certified Anti-Money Laundering Specialist) you
have to successfully pass the CAMS Exam, gain recertification every three years
a maintain membership status in ACAMS.
Who should join ACAMS?
Any individual with an active interest in the practices of the detection and
prevention of money laundering and compliance with applicable laws and
regulations, including the U.S. Bank Secrecy Act, as well as companies,
institutions and agencies that employ them, should join ACAMS as a professional
or corporate sponsor member. Individuals or organizations that have an active
interest in anti-money laundering practices but are not concerned about
certification should join as affiliate members. ACAMS is open to U.S. and
international members.
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What are the benefits of joining
ACAMS?
· ACAMS Certification Program acknowledges members' status, qualifications,
expertise and credentials in conducting anti-money laundering services and
duties including consulting, investigating and providing advice and guidance to
others. It provides certified members (Certified Anti-Money Laundering
Specialists or CAMS) with a powerful career advantage: Employers and
clients acknowledge that CAMS designated professionals have met high
standards of knowledge and training.
· ACAMS Today, a bi-monthly newsletter keeps members
up-to-date on member benefits, education programs, special events, and the
latest in legislative and regulatory developments. It features an
educational column, member profile, job listings, and other valuable
industry news.
· ACAMS Connection , a bi-weekly email newsletter
avaliable to members only, offers practical tips for money laundering
professionals, lessons from the past, and news about our organization.
· ACAMS' website , www.ACAMS.org, offers
online access to ACAMS, including anti-money laundering practice tips, FAQs and
an expanding list of other member benefit programs and services. It
provides a members-only membership directory and an ACAMS Listserv that
offers an easy way to exchange ideas and opinions.
· ACAMS' educational programs on anti-money laundering and
compliance issues, including CAMS certification exam preparation.
· ACAMS' Consultant Center: a way to connect people and organizations with
expertise in areas related to money laundering control. Only professional and
certified members can post their contact information.
· ACAMS' Annual Meeting and Trade Show provides networking opportunities and
professional development programs, plus social events designed to help members
build their list of contacts.
· ACAMS' Publications Catalog offers on-line discounts on books,
journals and newsletter subscriptions, study programs, and CDs on topics of
interest to anti-money laundering professionals.
· ACAMS' Job Bank is an online source for employers to post their
job openings or for professional/certified members to post their resumes.
· ACAMS' Speakers Bureau is an online source of speakers for money
laundering conferences, training seminars, and/or public sector events.
Certified and Professional members can post their bios and speaking topics for
FREE.
Can anyone become a
professional member?
No. Prospective professional members must meet a set of minimum educational and
experience credits for professional membership eligibility. (See the ACAMS
brochure or website for the ACAMS credit system.) Prospective members who have
not yet met these requirements can join ACAMS as affiliate members until they
attain eligibility.
What is the difference between a Corporate Sponsor Member and a Corporate Affiliate Member?
Corporate Memberships are for organizations that employ multiple professional
members and want to take advantage of group membership discounts. Organizations
that join as corporate sponsor members send a strong message of their
commitment to anti-money laundering to their employees and customers. Affiliate
membership is for organizations that want to be active with ACAMS and our
members but do not employ multiple professional members. Affiliate members
include related associations, software suppliers, publications, training
companies and other organizations that have an active interest in anti-money
laundering practices.
If I work for the government, is my government agency automatically considered an ACAMS member?
No. Membership for an entire government agency or organization is not available; membership is only available to the individual.
If I work for the government do I need to purchase an individual government membership?
Yes. Memberships for a government agency or organization is not available. Government memberships are only available for the individual.
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100% Guarantee
If you are not satisfied at any time
during your first year of membership ACAMS will refund
100% of your dues.
ACAMS
Brickell Bayview Center
80 Southwest 8th Street
Suite 2350
Miami, FL 33130 USA
Phone: +1 (866) 459-CAMS
Outside U.S.: +1 (305) 373-0020
Fax: +1 (305) 373-7788 or +1 (305) 373-5229
email: info@acams.org; www.acams.org