DEFINITION of 'Certified Anti-Money Laundering Specialist - CAMS'

A professional designation awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS) to anti-money laundering professionals who have 40 qualifying credits based on education, other professional certification and work experience, who pass the CAMS examination and who provide three professional references. Successful applicants earn the right to use the CAMS designation with their names, which can improve job opportunities, professional reputation and pay.

BREAKING DOWN 'Certified Anti-Money Laundering Specialist - CAMS'

The study program to become a CAMS covers the risks and methods of money laundering and terrorism financing; compliance standards for anti-money laundering and combating the financing of terrorism; anti-money laundering compliance programs; and conducting or supporting anti-money laundering investigations. Individuals with the CAMS certification may work as brokerage compliance managers, Bank Secrecy Act officers, financial intelligence unit managers, surveillance analysts and financial crimes investigative analysts, among with many other options

RELATED TERMS
  1. Money Laundering

    Money laundering is the process of creating the appearance that ...
  2. Financial Action Task Force (FATF)

    An intergovernmental organization that designs and promotes policies ...
  3. Anti Money Laundering - AML

    A set of procedures, laws or regulations designed to stop the ...
  4. Account Hold

    Deposits that are delayed before being credited to an account, ...
  5. Business Risk

    The possibility that a company will have lower than anticipated ...
  6. Jurisdiction Risk

    The risk that arises when operating in a foreign jurisdiction. ...
Related Articles
  1. Investing

    What's Anti-Money Laundering?

    Anti-money laundering involves the laws and regulations designed to prevent criminals from generating income through illegal activities.
  2. Small Business

    Understanding Money Laundering

    The process of creating the appearance that large amounts of money obtained from serious crimes actually originated from a legitimate source.
  3. Investing

    How The Patriot Act Works & Why Is It Important

    The USA Patriot Act gave the government more muscle to fight financial crime after the Sept. 11 terrorist attacks. Here's an overview.
  4. Managing Wealth

    Chrisley Asset Management: Investment Manager Highlight

    Find out if Chrisley Asset Management was truly a successful venture for Todd Chrisley, creator of the "Chrisley Knows Best" television show.
  5. Personal Finance

    Compliance Officer: Job Description and Average Salary

    Learn what being a compliance officer entails, including job description, required education and training, skills and national average salary.
  6. Retirement

    Designations No Retirement Planner Should Be Without

    Advance your career and gain clientele by adding a few choice certifications.
  7. Financial Advisor

    The Alphabet Soup of Financial Certifications

    We decode the meaning of the many letters that can follow the names of financial professionals.
  8. Taxes

    Read This Before Taking $10K+ to the Philippines

    There are many reasons why you might need to go to the Philippines with more than $10,000. If you do, follow these guidelines to avoid penalties.
  9. Managing Wealth

    Buying Luxury Property: How Private?

    A pilot program designed to cut back on money laundering in high-end residential real estate is bound to affect the transactions of cash buyers.
  10. Personal Finance

    Guide To Financial Certifications

    To find the right financial professional, you have to sift through an alphabet soup of certifications. Here’s a quick guide to six of the most common.
RELATED FAQS
  1. If caught, what implications does money laundering have on a business?

    Understand the damaging effects of money-laundering on businesses as well as anti-laundering measures businesses can use ... Read Answer >>
  2. What methods are used to launder money?

    Learn about the methods that criminals use when they are looking to launder money. Many different methods are used, and they ... Read Answer >>
  3. Why does fighting money laundering reduce overall crime?

    Fighting money laundering reduces overall crime by helping identify perpetrators, restoring stolen money to victims and disrupting ... Read Answer >>
  4. Who sets the global standard to stop money laundering and how is it implemented?

    Find out how the Financial Action Task Force and International Monetary Fund are working to resolve the problems of money ... Read Answer >>
  5. What accounting and regulatory standards is a correspondent bank subject to?

    Read about the regulations imposed on correspondent banks in the United States from the Anti-Money Laundering Act and Regulation ... Read Answer >>
  6. Money laundering has become a specific concern in all legitimate financial institutions ...

    The correct answer is b). There are three phases to money laundering. Placement is the physical disposal of the initial proceeds ... Read Answer >>
Hot Definitions
  1. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  2. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  3. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  4. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  5. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  6. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
Trading Center