Overview
The CAMS+SGP Package (IBF Level 2) has been accredited under the Skills Framework for Financial Services.
It is eligible for funding under the IBF Standards Training Scheme (IBF-STS). Subject to all eligibility criteria being met, IBF-STS provides up to 90% funding for this program. Before applying, candidates should assess the suitability and relevance of the program to their job role and the activities of their organization.
Topics Covered
Topics covered include:
- Risks and methods of money laundering and terrorist financing
- International anti-money laundering (AML) and counter-terrorist financing (CTF) compliance standards
- AML and CTF compliance programs
- Conducting or supporting the investigation process
- Singapore MAS Notice 626 and associated AML regulations
- AML related industry guidelines from the Association of Banks in Singapore
Application Requirements
To apply, candidates must:
- Have documented proof of Singapore citizenship or permanent residency status
- Hold an active ACAMS membership
- Have the required 40 qualifying ACAMS credits, based on education, training, and professional experience
- Provide three professional references
Pricing
ACAMS Members
Non-Members
Candidates need active ACAMS membership to apply for the CAMS + SGP Package. ACAMS membership can be purchased during the application process.
The above fees include the self-study CAMS package, and the ACAMS Singapore Regime Exam. ACAMS membership costs are not included in the prices above.
ACAMS Singapore AML Regime Exam
This exam focuses on Singapore MAS Notice 626 and Associated Singapore AML Regulations, as well as AML-related industry guidelines from the Monetary Authority of Singapore. You can also visit www.mas.gov.sg to prepare for the exam.
Upon registration and payment for the CAMS + SGP Package (IBF Level 2), you will be provided with the Singapore AML Regime Exam study guide. You can access the study guide via the ACAMS learning management system (LMS).
The ACAMS Singapore AML Regime Exam is conducted in English. It is 45-minutes long, with 25 multiple-choice questions.
Once you have passed, an e-Certificate will be sent to you within two weeks. No hard copy will be provided. You will also be able to earn four ACAMS Credits for your CAMS recertification.
Eligibility of Funding
IBF-STS Funding
In order to apply for the IBF-STS Funding, applicants MUST be Singapore citizens or permanent residents and pass both modules: CAMS and the ACAMS Singapore AML Regime Exam. Visit www.ibf.org.sg to find out more about the funding support available.
MAS has announced Enhanced Funding Support for IBF-STS on April 8, 2020 to support workforce training during the economic contraction caused by COVID-19.
Under the Enhanced Funding Support, eligible applicants may refer to the below subsidies and deadlines:
| Non-Company Sponsored Candidates (Enhanced Funding) | ||||
|---|---|---|---|---|
| Effective Date | Attempted first exam1 from 08th April 2020 to 31st December 2020 | Attempted first exam1 from 08th April 2020 to 30th June 2021 | Attempted first exam1 from 08th April 2020 to 31st December 2021 | Attempted first exam1 from 08th April 2020 to 30th June 2022 |
| Passed both exams no later than 31st March 2021 | Passed both exams no later than 30th September 2021 | Passed both exams no later than 31st March 2022 | Passed both exams no later than 30th September 2022 | |
| Funding Quantum | 95% of training costs2 (90% + 5% IBF Credit) | 95% of training costs2 (90% + 5% IBF Credit) | 90% of training costs2 | 80% of training costs2 for Singapore Citizens below 40 years old and all Permanent Residents |
| 90% of training costs2 for Singapore Citizens aged 40 years old and above | ||||
| Training Allowance Grant3 (TAG) | Applicable | Not Applicable | Not Applicable | Not Applicable |
| Eligibility | Singapore Citizen / Permanent Resident | |||
| Claim Submission Deadline | Within 1 month from course completion. However, candidates are required to submit the IBF-STS Funding Application Form to ACAMS for processing within 1 week of passing both exams. ACAMS will then submit to IBF on behalf of candidates. | |||
| Company Sponsored Candidates (Enhanced Funding) | ||||
|---|---|---|---|---|
| Effective Date | Attempted first exam1 from 08th April 2020 to 30th June 2021 | Attempted first exam1 from 08th April 2020 to 31st December 2021 | Attempted first exam1 from 08th April 2020 to 30th June 2022 | |
| Passed both exams no later than 30th September 2021 | Passed both exams no later than 31st March 2022 | Passed both exams no later than 30th September 2022 | ||
| Funding Quantum | 95% of training costs2 (90% + 5% IBF Credit) | 90% of training costs2 | 80% of training costs2 for Singapore Citizens below 40 years old and all Permanent Residents | |
| 90% of training costs2 for Singapore Citizens aged 40 years old and above | ||||
| Training Allowance Grant3 (TAG) | Applicable | Applicable | Applicable | |
| Eligibility | Singapore Citizen / Permanent Resident | |||
Applicants not eligible4 for the Enhanced Funding Support may refer to the below subsidies:
- Singapore Citizen (40 years old and above) 90% IBF-STS Funding
- Singapore Citizen (Under 40 years old) 70% IBF-STS Funding
- Singapore Permanent Residents 70% IBF-STS Funding
Note:
- Applicant who scheduled and took first exam, regardless of pass/fail
- CAMS6-SG Program – includes CAMS Certification Package and Singapore AML Regime Exam
- ACAMS is exam based. Claimable duration is 4 hours
- Applicant who took first exam after 21st April 2017 and before 08th April 2020
IBF-STS Funding Application
Once an eligible candidate has completed and passed the CAMS + SGP Package (IBF Level 2), they can apply for IBF-STS Funding.
For company-sponsored candidates: the candidate’s company is responsible for claims submissions to IBF via their company’s login access on the IBF portal.
For non-company-sponsored candidates: candidates are to submit the funding application form and copy of NRIC to ACAMS within one week of passing both exams (CAMS and Singapore AML Regime) for processing. ACAMS will submit the claims on behalf of candidates. For further assistance, please email apac@acams.org.
For Enhanced Funding Support (attempted first exam on or after April 8, 2020), ACAMS will be required to submit the claim application to IBF within one month from the candidate’s second exam pass date. As such, for any late submission by candidates, an appeal letter will need to be submitted to ACAMS for it to be submitted to IBF on the candidate’s behalf. Please note that all applications and appeals are subject to be reviewed and approved by IBF.
The usual disbursement timeline for non-company sponsored funding application is approximately four to six months.
About IBF
The Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for-profit industry association to foster and develop the professional competencies of the financial sector. IBF represents the interests of close to 200 member financial institutions including banks, insurance companies, securities brokerages, and asset management firms.
In partnership with the financial industry and training providers, IBF is dedicated to empowering members, promoting a high standard of excellence, and supporting the growth of the Asian financial industry – working hand-in-hand with both individual members and the industry at large.
About IBF Certification
IBF Certification is an industry endorsed mark of quality for finance professionals in Singapore. The IBF Certification is awarded to practitioners who have attained the required skills for the selected industry segment and function, and are expected to uphold values of professional excellence, integrity, and commitment to the industry.
Practitioners who successfully complete the CAMS + SGP Package (IBF Level 2) and fulfil the eligibility criteria for IBF Certification may apply via: https://www.ibf.org.sg/certification/Pages/Certification-Process.aspx
To be eligible for IBF Advanced (Level 2), applicants should currently be in a compliance role in a financial institution and have at least three years of AML/CFT related experience.
To find out more about IBF certification and the application process, please visit https://www.ibf.org.sg/certification/Pages/Why-be-Certified.aspx