Anti Money Laundering is a term used across the globe for a set of laws and regulations designed to stop criminals from disguising illicitly acquired funds as lawful profits. AML Compliance as it is popularly known has become more vital to the financial industry. Given the ever-increasing ease of financial transactions giving leeway for money launderers and terrorists to accommodate their illicit activities. There are dire consequences of not complying with the AML regulations. Regulators impose large fines on financial institutions which results in tainted reputations.
Banks are spending huge money to comply with the anti-money laundering norms. They require a lot of human capital to deal with AML-related compliance. This situation entails the demand for trained AML professionals.
Background of Certifications in AML
As being in the news almost daily, AML is an industry getting hotter by the minute, and that is causing a spike in demand for ‘qualified’ personnel to fill these positions. The Certified Anti-Money Laundering Expert is somewhat of a ‘seal of approval. It shows that you have a strong foundation in anti-money laundering and understand the compliance concepts.
Certifications are helpful for those who need confirmation of formal education in the Anti Money Laundering space.
Adding the four letters CAME after your name will allow you to demand 10-20% more in salary. Your guidance, opinions, and suggestions will carry more weight when you deal with potential employers, customers, or counterparts. It does not mean you are an expert, but it does mean you have the tools to become an expert.
CAMS and CAME
Today there are many KYC AML certification courses available. However, very few are updated with the developments in the AML and KYC domains. For many of the AML Compliance course providers, it is yet another certification. Many of them consider it as a tool of their branding.
Certification is not the branding of companies, it is all about increasing the visibility of the students.
Globally only two such serious certifications are available. The CAMS and The CAME. Unlike other players in this domain, these two are focused only on financial crime risks and compliance. They are serious about the marketability of the students. They brand certifications over their companies and hence add value to the student profile.
Certified Anti Money Laundering Expert (CAME)
Certified Anti-Money Laundering is the most cost-effective certification. It’s like CA is for accountants & CFA is for finance professionals in India.
CAME is termed the crown jewel of compliance certifications. Moreover, this certification has significant value in the market for both domestic and International AML or KYC processes. The syllabus is comprehensive. It offers two resources with admission to the program. Anti-Money Laundering Manual is a generic guide whereas the Global Handbook is a limited edition for international students.
Not to mention, Indiaforensic offers this program across the world. In the year 2004, CA Mayur Joshi founded the Indiaforensic Center of Studies to impart education in financial crimes. Today this certificate has been recognized as the Certification of National Significance. According to a survey by India Today, CAME has a huge contribution to the education and training segment of the money Laundering Domain in India. This certification is very much in line with FATF Guidelines as the Prevention of Money Laundering Act was introduced in 2002 in India and this certification was introduced by Indiaforensic in 2004 i.e. two years after the enactment.
Certified Anti Money Laundering Specialist (CAMS)
CAMS brands itself as a Gold standard. It is American Certification but established chapters in different regions of the world. Realistically it adds marginally to your marketability or income-making ability. In most fraud and compliance positions it’s highly encouraged to get, but unless your employer is paying for it, it’s very expensive.
ACAMS tests your knowledge of money laundering schemes and also on international regulations. It’s not a difficult exam, especially if you are from a securities compliance or regulator background. The content is pretty intuitive. But risk and reward go hand in hand, this is a little difficult to crack and requires serious preparation.
Certified Anti Money Laundering Professional
Riskpro Learning offers the Certified Anti Money Laundering Professional (CAMP) program for the international students. You can check the international CAMP Program here
The cost of the certification program is affordable for a global audience. And it was designed by an Indian organization specializing in financial crime compliance. However, there are a couple of eligibility criteria that you might have to consider before getting into it. It’s gaining importance due to its appealing video learning content.
AML Certification courses in India
| Certification Name | Target Audience | Mode | Registration Link |
| Certified Anti Money Laundering Expert | Compliance Professionals | Distance Learning | CAME Registration |
| Certified TBML Expert | International Trade Professionals, Trade finance professionals | Distance Learning | CTBMLE Registration |
| Certification in Risk-Based Approach to Money Laundering | Compliance Professionals | E-learning | CRBML Registration |
| Certification in AML Requirements for Currency Exchanges | The staff of Currency Exchange Houses, Cryptocurrency exchanges | E-learning | CMSBML Registration |
| Certification in Shell Company Investigations | Lawyers and Corporate Structuring Professionals | E-learning | CSHELLI Registration |
Certified Anti Money Laundering Investigator (CAMI)
Regtechtimes Academy offers the Certified Anti Money Laundering Investigator (CAMI) program. This AML certification has been launched in four countries including Ireland, Netherlands, UAE, and Singapore. CAMI is the AML diploma launched in October 2020. It is one of the most exhaustive anti-money laundering online courses. Additionally, CAMI is an instructor-driven program. It is certainly a good option for the professionals in the MENA region.
Other AML Certifications
Many companies across the world offer company-branded certifications. V-skills is another certification provider. It is a Government of India initiative. It is an inexpensive program. Although this might be true, it is more of Vskills branding. Moreover, is also flexible concerning test centers and choice of the test day. However, V-Skills offers many other certifications and AML Course is yet another certification for them.
Indian Institute of Banking and Finance is one of the oldest but offers a company-branded certificate in KYC. This inexpensive course is also a low-budget course. However, a good value-add is only if you are working in the compliance team of an Indian Public Sector Bank.
The lowest-cost course program is offered by Udemy. This costs somewhere between Rs.700-Rs.730. However multiple videos explain the concepts of AML Compliance. So this course is meant for the students. Additionally, this training program considers the latest developments in risk-based money laundering provisions. Riskpro Learning, a Risk Management education company offers this certification. This is in addition to the Certified Anti-Money Laundering Professional program, which is helpful in professional development.
Best AML Certification
To Summarize, based on the costs and rewards, I believe that Certified Anti-Money Laundering Expert is the best AML certification for compliance officers across the world. To an extent, the CAME students help in the prevention of money laundering in many international banks. As a result, CAME Alumni are the reason for the popularity of this certification. It is also helpful for regtech professionals across the world. The CAME alumni certainly have their groups where they help each other to find jobs. Finally, Compliance is a closed community and CAME is the entry gate to enter this exclusive community.
