The Certified Anti-Money Laundering Specialist (CAMS) exam is a highly-regarded certification in the field of anti-money laundering (AML). The exam is designed to test the knowledge and skills of professionals who work in the AML field. Passing the CAMS exam is a significant achievement for those who aspire to advance their careers in this field.
Exam Objectives:
The CAMS exam covers a wide range of topics related to anti-money laundering, including:
- Money laundering risks and methods
- AML laws and regulations
- Compliance programs
- Conducting and managing investigations
- Developing and implementing AML policies and procedures
- Reporting suspicious activity
The exam consists of multiple-choice questions that test the candidate's understanding of these topics. The exam is designed to assess the candidate's knowledge of AML principles, practices, and techniques. It is also designed to evaluate their ability to apply this knowledge in real-world situations.
Exam Details:
The CAMS exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS). The exam can be taken online or at a testing center. The cost of the exam varies depending on the location and delivery method, but it typically ranges from $1,199 to $1,599. The passing mark for the CAMS exam is 75%. Candidates have three and a half hours to complete the exam.
The CAMS exam is divided into two parts, each consisting of 120 multiple-choice questions. Candidates have two hours and forty-five minutes to complete each part. The exam is delivered in a computer-based format.
Who Should Take the Exam?
The CAMS exam is designed for professionals who work in the anti-money laundering field. This includes compliance officers, risk managers, regulatory examiners, and law enforcement professionals. The exam is also suitable for those who work in related fields, such as banking, finance, and accounting.
Prerequisites and Qualifications:
There are no formal prerequisites for taking the CAMS exam. However, it is recommended that candidates have at least two years of AML experience. Candidates must also pass a background check before taking the exam.
Related Books:
There are a variety of books and study materials available to help candidates prepare for the CAMS exam. Some recommended resources include:
- "CAMS Examination Study Guide" by ACAMS
- "CAMS Exam Preparation Seminar" by ACAMS
- "Anti-Money Laundering: What You Need to Know" by William E. Byrnes
- "Anti-Money Laundering in a Nutshell: Awareness and Compliance for Financial Personnel and Business Managers" by Kevin Sullivan
- "Financial Intelligence: A Manager's Guide to Knowing What the Numbers Really Mean" by Karen Berman and Joe Knight
It is important to note that these resources are not the only ones available and that there are many other books and study materials that may be helpful. Candidates should review a variety of resources and choose those that best suit their learning style and needs.
In conclusion, the CAMS exam is a comprehensive exam that tests the knowledge and skills of professionals who work in the anti-money laundering field. By preparing thoroughly and using the recommended study materials, candidates
can increase their chances of passing the exam and obtaining the CAMS certification. This certification can open doors to new career opportunities and demonstrate a commitment to the highest standards of AML compliance. With dedication and hard work, candidates can successfully pass the CAMS exam and take their careers to the next level.