Money Laundering is about taking the proceeds of illegal or unlawful activity and attempting to disguise sources and ownership of the dirty money obtained from the crimes like tax evasion, drug trafficking, racketeering, fraud, etc.
There are three steps to the process, generally: placement, or depositing the proceeds of crime into a bank account; layering, where the financial system is used to move the funds around to disguise the origin of the money; and then integration, where the money is sent to the bank accounts of ultimate beneficiary through a legitimate source.
Financial Action Task Force (FATF) require financial institutions to analyse the financial transaction to identify the amounts of money obtained from the criminal activities. FATF also recommends banks to educate their staff on the different concepts of know your customer, bank secrecy act and other techniques to combat money laundering.
I had the opportunity to speak to hundreds of anti-money laundering (AML) and compliance officers, who all had a story to tell about where they were in their career and how they had arrived to that point. This helped me to identify the best aml certification. Indian job market is flooded with the opportunities for compliance officers at various levels.
“As soon as i completed my graduation, i was in the search of the right certification for my career path in compliance. I found the number of Indiaforensic, when i realised the importance of the CAME certification. This certification was helpful for me as i needed the confirmation of the formal education in the Anti Money Laundering subject”. One of the member working for UBS India was telling me his experiences.
Demand for AML professionals is rising for last few years. India has become the hub of compliance activities for multi national banks. IT giants such as TCS, Infosys and Cognizant are managing the compliance processes of the multinational banks. Professional services companies such as PwC are not far away in this race.
There are handful AML training providers across the world. Universe of AML Certifications is dominated by two important Certifications.
The CAMS and The CAME. Unlike other players in this domain, these two are the focused only on the financial crime risks and compliance. Regtechtimes Academy, V-Skills, IIBF and BSE offer it as one of the many programs, which is not a very encouraging aspect. Compliance is not one of the subjects any more. It requires lot of attention and is the reason for these two certifications to become popular.
- Certified Anti Money Laundering Specialist (CAMS) is branded as the Gold standard. It is based in United States. It has established chapters in the different regions of the world. I heard about CAMS from many compliance officers who got salary hike and appraisals after completing CAMS. This is the beauty of US Certifications. However, for Indian audience the biggest barrier is the fees. Currency conversion has big impact on the admissions from India.
- Certified Anti Money Laundering Expert(CAME) is the best compliance certification. It’s like C.A. is for accountants & C.F.A is for finance folks. CAME is termed as the crown jewel of compliance certifications. This certification has significant value in market for both domestic and International AML/KYC processes. The syllabus is comprehensive and best part is the cost (Around Rs.18,000 to Rs. 20,000), but has couple of eligibility criterion that you might have to consider before getting into it! They offer their flagship certification along with the certification program in Shell Companies.
- Certified Anti Money Laundering Investigator (CAMI) is another program offered by Regtechtimes Academy, which is the educational initiative of Regtechtimes. This certification has good coverage on the money laundering cases related to banking sector.
- Compliance Certification Course – Vskills is A govt. of India initiative, is a low cost , high value certification which is also flexible with respect to test centers and choice of the test day. Costs around Rs. 4000. However, this is one of the courses offered by V-Skills.
- Another course is run by Indian Institute of Banking and Finance, this inexpensive (Around Rs.1,500 to Rs. 2000) course is priceless, and a value-add if you are working in compliance team of a Nationalised Bank as the content is more in line with RBI guidelines!
Last but not the least
The lowest cost course program is offered by Udemy. This costs somewhere between Rs.700-Rs.730. There are multiple videos which explain the concepts in AML Compliance. This course is meant for the students. This is the best AML Certification for aspirants, who are just exploring the compliance domain. Law Enforcement officers also prefer to do this course before actually writing exams. This Udemy Certification is issued by the Riskpro Learning.
Based on the costs and rewards, we believe that Certified Anti Money Laundering Expert is the best AML certification for the compliance officers across the world. This course has got the value because of its alumni. The CAME alumni have their own groups where they help each other to find the jobs. Compliance is a closed community and CAME is the entry gate to enter this exclusive community.
Why CAME is Best AML Certification Program ?
I researched almost all the certifications available across the world and have finally come to the conclusion that one of the best certifications in AML is the one offered by Indiaforensic.
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.
Besides the local customer support there are many other reasons which i found are worth mentioning here. Certified Anti Money Laundering Expert offers the benefits of most of the Global certifications.
- It is one of the most exhaustive certification in terms of syllabus, which offers material on all the major trending topics including trade based money laundering, crypto currency laundering etc.
- It discusses many more techniques of Money Laundering such as Agricultural income, Real Estate, Hospitals etc. There are many other techniques discussed on their website.
- This program is one of the easiest in terms of registration process. Whole process is completed online, exams are online and local support is what matters the most for me.
- Certified Anti Money Laundering Experts are found to be present in all the major financial institutions and KPOs in India which offer employment opportunities.
- Finally, it offers the best price for the certification, which is relevant in the Indian Markets.
Additionally, there is a strong Alumni base which helps them to differentiate from other certifications. The alumni groups help each other in finding the right jobs and posting professional updates. Some of the jobs they share are never advertised on the job portals. Helpful community builds the reputation for certifications.