Introduction

The Certified Anti-Money Laundering Specialist (CAMS) certification is a globally recognized credential that demonstrates expertise in detecting and preventing money laundering activities within the financial services industry. This 5-day intensive training course is designed to provide professionals with the tools, techniques, and regulatory knowledge necessary to develop, implement, and manage anti-money laundering (AML) programs effectively. Participants will learn how to identify suspicious activities, understand key AML regulations, and apply risk-based approaches to protect financial institutions from money laundering risks. With growing scrutiny on financial institutions worldwide, this course ensures professionals are prepared to meet the challenges of AML compliance and regulatory expectations.

Course Objectives

By the end of this training, participants will:

1. Understand the core principles of anti-money laundering, including key AML regulations and compliance programs.
2. Gain knowledge of money laundering methods, typologies, and emerging trends in financial crimes.
3. Learn how to conduct customer due diligence (CDD) and enhanced due diligence (EDD) to prevent money laundering.
4. Develop skills in detecting suspicious activities, filing Suspicious Activity Reports (SARs), and ensuring compliance with AML regulations.
5. Master the risk-based approach to AML compliance, including assessing and mitigating risks associated with money laundering.
6. Be fully prepared for the CAMS exam and enhance their careers as certified anti-money laundering specialists.

Who Should Attend?

This course is ideal for:

• Compliance officers, AML officers, and risk management professionals in financial institutions.
• Professionals responsible for developing and managing anti-money laundering programs.
• Internal auditors, financial analysts, and investigators focused on AML compliance and financial crime prevention.
• Individuals seeking to pursue the CAMS certification to enhance their careers in AML and financial crime prevention.

Day 1: Introduction to Money Laundering and AML Frameworks

• Session 1: Overview of CAMS Certification

  • CAMS exam structure and eligibility requirements
  • Key competencies in anti-money laundering: Regulatory compliance, risk management, financial crime prevention
  • The role of AML specialists in preventing financial crimes

• Session 2: Introduction to Money Laundering

  • Understanding money laundering and its impact on the financial system
  • The stages of money laundering: Placement, layering, and integration
  • Common money laundering methods: Structuring, trade-based money laundering, and shell companies
  • Money laundering typologies: Emerging trends and criminal schemes

• Session 3: Legal and Regulatory Frameworks

  • Key AML regulations: USA PATRIOT Act, Bank Secrecy Act (BSA), Financial Action Task Force (FATF) recommendations, EU directives
  • The role of global regulators: FATF, Financial Crimes Enforcement Network (FinCEN), and local regulatory bodies
  • International cooperation in AML efforts
  • Consequences of non-compliance: Fines, reputational damage, and criminal penalties

Day 2: Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)

• Session 4: Customer Due Diligence (CDD) and KYC Requirements

  • Understanding the importance of Know Your Customer (KYC) in AML compliance
  • Key components of CDD: Identity verification, risk assessment, and customer profile
  • Types of customers: Individual clients, businesses, politically exposed persons (PEPs), and high-risk clients
  • The role of CDD in detecting and preventing money laundering

• Session 5: Enhanced Due Diligence (EDD) for High-Risk Customers

  • Defining high-risk customers and the need for EDD
  • Red flags and risk indicators for EDD: PEPs, high-risk jurisdictions, complex ownership structures
  • Steps involved in EDD: Additional information gathering, ongoing monitoring, and senior management approval
  • Managing the risks associated with high-risk customers

Day 3: Detecting Suspicious Activities and Reporting Obligations

• Session 6: Identifying Suspicious Activities

  • Common indicators of suspicious activities: Unusual transactions, large cash deposits, and rapid movement of funds
  • Red flags for money laundering: Transactions involving shell companies, high-value wire transfers, and foreign currency exchanges
  • The role of transaction monitoring systems in detecting suspicious activities
  • Case studies: Real-life examples of money laundering schemes and red flag scenarios

• Session 7: Suspicious Activity Reporting (SAR) and Regulatory Requirements

  • Understanding the SAR filing process and the legal requirements for financial institutions
  • How to prepare and file Suspicious Activity Reports (SARs)
  • Reporting thresholds and timing requirements
  • Protecting whistleblowers and ensuring confidentiality in reporting
  • SAR filing best practices and common pitfalls to avoid

Day 4: Risk-Based Approach and AML Compliance Program

• Session 8: Risk-Based Approach to AML Compliance

  • Understanding the risk-based approach to AML: Assessing risks based on customer, product, service, and geographic factors
  • Developing a risk-based methodology for detecting and mitigating money laundering risks
  • Risk assessment tools and techniques: Risk ratings, risk maps, and risk profiling
  • Allocating resources effectively based on risk assessment outcomes

• Session 9: Developing and Managing an AML Compliance Program

  • The components of an effective AML program: Policies, procedures, controls, and training
  • Establishing a robust internal controls framework: Segregation of duties, audit trails, and automated monitoring systems
  • Designing AML training programs for employees at all levels
  • Ongoing monitoring and program evaluation to ensure effectiveness and compliance with regulations

Day 5: AML Auditing, Emerging Trends, and Exam Preparation

• Session 10: AML Auditing and Internal Controls

  • Conducting AML audits: Objectives, scope, and methodologies
  • The role of internal controls in preventing money laundering
  • Detecting and addressing weaknesses in compliance programs
  • AML audit reporting and remediation of identified issues

• Session 11: Emerging Trends in Money Laundering and Financial Crime

  • The rise of cryptocurrency and its role in money laundering
  • Money laundering in digital finance and fintech innovations
  • Impact of COVID-19 on financial crime trends and AML compliance
  • The future of AML regulations and the evolving role of compliance professionals

• Session 12: CAMS Exam Review and Final Preparation

  • Key topics to focus on for the CAMS exam: Money laundering typologies, regulatory frameworks, customer due diligence, and suspicious activity reporting
  • Practice exam questions and discussion
  • Exam strategies: Time management, question analysis, and exam readiness
  • Final Q&A session to address any remaining questions and concerns