In the first half of 2024, Riskpro published a report highlighting the job trends in the Anti-Money Laundering (AML) sector. The report offers valuable insights into the rising demand for AML professionals across the globe.
AML is crucial for financial institutions to prevent illegal activities like money laundering and terrorist financing. Riskpro, a leader in financial crime and risk management training, provides two significant certifications: Certified AML Professional (CAMP) for global professionals and Certified AML Expert (CAME) for Indian professionals.
AML Certifications offered by Riskpro
Regtechtimes created a list of the top 5 AML (Anti-Money Laundering) certifications in the world. In their research, they found that Riskpro owns 2 of these top 5 certifications. This shows that Riskpro’s certifications are highly respected and widely recognized in the field of AML.
Their Certified Anti-Money Laundering Expert (CAME) and Certified Anti-Money Laundering Professional (CAMP) programs are considered among the best for training professionals to fight financial crimes and ensure compliance with laws and regulations.
Top 5 AML Certifications: Absolute Guide to Career Advancement in Anti Money Laundering
Certified Anti-Money Laundering Expert (CAME) is a professional certification designed specifically for individuals in India who work in the field of Anti-Money Laundering (AML). This certification focuses on the specific regulatory and compliance requirements in the Indian context. It covers various aspects of AML, including virtual classroom training sessions on identification and monitoring of suspicious transactions, recorded videos for understanding the legal framework, and printed books for implementing effective AML programs within financial institutions.
CAME certification ensures that professionals are well-versed in Indian laws and regulations related to money laundering and financial crimes.
CAME: AML Certification in India
Certified Anti-Money Laundering Professional (CAMP) is a global certification aimed at professionals working in the AML field around the world. This certification encompasses international best practices and standards in AML compliance. It includes Recorded Videos of training on global AML regulations, techniques for detecting and preventing money laundering, and practice questions for preparing for the Certification course.
CAMP: Global AML Certification from Riskpro
CAMP certification prepares professionals to handle AML challenges in various jurisdictions and ensures they are knowledgeable about the global regulatory environment.
World Wide Trend
In Sanctions Screening, they check if individuals or entities are on global watchlists and ensure that the bank doesn’t do business with them. Transaction Monitoring involves looking at financial transactions to spot any suspicious activity that might indicate money laundering or fraud. Lastly, in Financial Crimes Compliance, they help prevent and detect crimes like fraud, embezzlement, and terrorist financing. These experts play a crucial role in keeping the financial system safe and secure.
Best AML Certification in the Compliance Universe
In the last six months, the need for AML experts has surged worldwide, especially in response to political events and global sanctions. In the United States and European Union, sanctions and upcoming elections have driven this demand. Banks need more staff to ensure compliance with these sanctions, making the job market for AML professionals very active.
Countries like Iran and Venezuela are prime examples of regions heavily affected by sanctions and significant political events, such as elections. These nations face stringent sanctions from major global powers like the US and the EU, which impact their economies and financial transactions.
While direct job growth in AML roles within these countries may be limited due to economic constraints and political instability, the global financial institutions that engage in transactions with these regions experience a heightened need for compliance. Banks and financial entities dealing with Iranian and Venezuelan counterparts must employ more AML professionals to navigate the complex web of sanctions and ensure compliance with international regulations.
Exploring the Potential Rollback of Venezuela Sanctions
The need for compliance extends beyond these nations’ borders, influencing international banking operations worldwide. Financial institutions must diligently screen transactions involving these countries to avoid penalties and legal repercussions. This has led to a surge in demand for AML professionals who can effectively manage and monitor these complex situations. As a result, AML compliance roles are expanding, particularly in global banks that handle cross-border transactions with sanctioned nations. This growing need for compliance expertise underscores the importance of Riskpro’s AML Certifications globally.
You may also like to read the book on Sanction Screening
The Indian Scenario
In India, the AML job market has seen a notable rise, with Riskpro helping facilitate 3,000 job placements in the first half of 2024. This increase is closely linked to the recent elections and the Financial Action Task Force (FATF) mutual evaluation of the country. The FATF is an international body that evaluates how well countries adhere to measures combating money laundering and terrorist financing.
India is likely to undergo mutual evaluation process of FATF
During the election period, there was a heightened need for AML professionals to monitor the accounts of Politically Exposed Persons (PEPs). PEPs are individuals who hold public office and are at a higher risk for involvement in financial crimes.
Indian Banks sanctioned Rs.48 trillion loans to PEP
To manage these risks, banks in India employed many CAME-certified professionals.
The government’s push to curb illicit financial activities further boosted the demand for AML experts. This initiative was partly driven by the FATF evaluation, which required India to demonstrate robust anti-money laundering measures.
Challenges of Non-Certified Professionals
Riskpro’s report also highlights the problems faced by professionals without proper certification. Some training institutes offer AML courses but do not require students to take exams. As a result, these individuals lack verified credentials, making them less attractive to employers.
The job market for AML professionals is becoming more competitive. Employers are increasingly looking for candidates with proven skills and knowledge. Professionals claiming to be AML experts without certification or proper training struggle to find jobs. Riskpro’s certifications ensure candidates have undergone thorough training and assessment, enhancing their appeal to potential employers.
Additionally, the report mentions cases where individuals falsely claimed to be certified. To combat this issue, Riskpro has introduced an online verification system for their certified members. This system allows employers to confirm the credentials of AML professionals easily.
Riskpro Semi-Annual Report reveals a growing trend in AML job opportunities globally and in India. The demand for certified AML professionals is rising due to political events, global sanctions, and increased government efforts to combat financial crimes. Certified professionals are better positioned in the job market, while those without proper credentials face significant challenges.
