WASHINGTON — Anti-laundering experts can now gain a seal of approval from an independent body.
The Association of Certified Anti-Money Laundering Specialists Inc., or Acams, has certified 600 individuals, including 300 bankers, since it began offering its certification in March 2003.
The certification sets a minimum standard that brings recognition among colleagues for people considered proficient in this field, said John Byrne, the director of the American Bankers Association’s Center for Regulatory Compliance and a member of Acams’ advisory board.
The Miami group has 2,100 members in 74 countries. It was founded in November 2001 by Alert Global Media Inc., the publisher of Money Laundering Alert.
Acams is expanding its certification effort globally; this year it will administer its test in the Middle East for 42 applicants, according to Saskia Rietbroek-Garces, its executive director. About 80% of the people who take the test pass it.
Certification is open to anyone in the anti-laundering field, she said. “This is not a banker specific exam, it brings together a large group of industries.”
The test costs $350 for members of Acams and $450 for nonmembers. Candidates must meet minimum education and experience requirements, such as a bachelor’s degree and a year’s experience on laundering issues.
Administered on the basis of demand, the test has been offered about 10 times this year in cities like New York and Miami, said Efrain Venezuela, the program and training manager at Acams. It also administers the test privately for companies like American Express Co.
The test takes about three hours and covers laundering risks and methods; international standards like Financial Action Task Force recommendations; design/implementation of prevention programs; and investigation tactics once laundering is suspected.
Individuals must be recertified through continuing professional education every three years.
