The pandemic has not only left the world reeling in terms of physical and mental health but wreaked havoc on financial health as well. High unemployment rates coupled with business insolvency and disruption in global trade patterns have contributed to increased instances of financial fraud. For one, the changing financial behavior has made it difficult for businesses and individuals to perform due diligence. Also, since many supervisory and reporting authorities had to adapt to working from home, companies now find themselves vulnerable to hacking and other infiltration by organized criminal groups.
Given the increased risk of fraud and money laundering, there’s no doubt that anti-money laundering specialists are in huge demand. The CAMS certification is a great way to start a career in anti-money laundering. The certification helps you understand forensic accounting, statistical data mining, risk management, etc.
While certification is not a prerequisite, CAMS-certified professionals have an edge in terms of monetary and job prospects. In fact, professionals with CAMS certification tend to picked first when compared to their non-certified peers. If you are planning to take the test and looking to pass on the first try, read on:
1.Understand The Exam Format:
The Certified Anti-Money Laundering Specialist certification exam is offered by the ACAMS – the Association of Certified Anti-Money Laundering Specialists. This association is one of the most reputed associations, providing training and certifications for anti-money laundering professionals worldwide.
The CAMS certification format is easy to understand and includes 120 multiple choice questions with more than one right answer. The test lasts for around 3.5 hours, and the ACAMS certification costs around $1,295 if you’re taking it through the public sector and $1,695 if you’re taking it through the private sector. The passing score for the exam is 75%.
The test covers four topics, viz.:
- Risks and methods of money laundering and terrorism financing – account for 26% of the exam
- Compliance standards for anti-money laundering and combating the financing of terrorism – accounting for 25% of the exam.
- Anti-money laundering, CFT, and sanctions compliance programs – accounting for around 28% of the exam
- Supporting anti-money laundering investigations – accounts for 21% of the test
2. Read The Question Carefully:
A large part of the test includes questions that you will have to read very carefully to understand what is being asked. More often than not, the problems are intentionally complicated, but they give you hints about the right answer.
You may not be required to memorize concepts because the questions are usually situational. For instance, there will be questions about handling clients and new clients, each with different answers, but both correct answers will be made available as choices.
At Certification-Questions, many of our clients have told us that reading questions, again and again, helped them select the right answer. We recommend you go through the questions and answers carefully and then review the problem to help you get a clear picture.
You have to be thorough with the concepts, functions, and definitions of various committees like FATF, FSRB, CFATF, or Basel. Like we earlier said, the questions are situational – you will have to choose an answer that best fits the organization that has issued the guideline. Unlike in other tests, you cannot select the right answer by eliminating it because the correct answer usually differs by one or two words.
3. Use A Combination Of Study Material And Practice Questions:
We recommend you refer to a study guide to understand the different concepts and then try various CAMS practice tests to become thorough with the ideas and understand the subtle elements that separate the right answer from the wrong.
At Certification-Questions, we have helped hundreds of professional AML specialists earn their CAMS certification on the first try. We have a 100% success rate and even offer a money-back guarantee, i.e., if you do not pass on the first try that you use our ACAMS exam questions, we’ll refund your money – no questions asked!
We are trusted by over 15,000 professionals worldwide, thanks to our repertoire of huge questions and detailed answers. Visit Certification-Questions to learn more!