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Review: Advanced Certified AML Specialist - Audit / CAMS-Audit

Cannabis Compliance and Risk Management · Indiana, United States · 3 wk ago
AccountingFull-time

About the CAMS-Audit Certification

The Advanced Certified AML Specialist - Audit (CAMS-Audit) is an exam-based certification launched by ACAMS in 2021. It replaced a previous 3-day in-person workshop and white paper requirement, making the certification more accessible. The CAMS-Audit is designed for professionals involved in auditing Anti-Money Laundering (AML) programs, particularly those in senior or leadership roles.

Holding the foundational CAMS certification is a prerequisite for the CAMS-Audit.

Motivation for Pursuing the Certification

The modern financial crime professional requires knowledge beyond traditional AML, encompassing fraud, cybersecurity, and sanctions. The CAMS-Audit is particularly relevant for:

  • Auditors specializing in AML.
  • Senior management or leaders who interact with internal/external auditors or oversee AML programs.
  • Professionals seeking to demonstrate expertise in audit processes, governance, and risk-based approaches within financial crime compliance.

The certification can enhance your resume and competitiveness for senior-level roles.

Study Guide and Content

The CAMS-Audit study guide is approximately 280 pages long and is divided into three parts:

  • Part 1: Overview of the Audit Program Process
    • Planning, fieldwork, and reporting stages of an audit.
    • AML independent testing and governance.
    • Audit considerations, risks, and assessments-based audit plans.
    • AML regulatory applications.
  • Part 2: Auditing the AML Risk Assessment and Program Elements
    • Auditing the AML Risk Assessment and Enterprise-Wide Risk Assessment (EWRA).
    • Auditing Know Your Customer (KYC) and Customer Due Diligence (CDD).
    • Auditing transaction monitoring and transaction screening.
  • Part 3: Auditing SARs/STRs, Training, and Communication
    • Auditing the Suspicious Activity Report (SAR) and Suspicious Transaction Report (STR) process.
    • Compliance monitoring, corrective action testing, issue management, and validation.
    • Training as a critical AML pillar.
    • Presenting the results of an AML audit.

Each part includes case studies to apply theoretical knowledge. The study guide assumes prior knowledge of basic AML/financial crime concepts, as it builds on the foundational CAMS certification.

Exam Preparation and Experience

The exam consists of 90 multiple-choice questions covering all three parts of the study guide. The allowed time is 175 minutes, though most candidates may complete it in less time. Questions are primarily scenario-based, requiring application of the study guide material to real-world contexts.

The exam was taken via online proctoring through Pearson VUE, which included security checks and live monitoring. The process was smooth and secure.

Study time varied, but a condensed period (e.g., 3 weeks) is recommended for focused preparation.

Value of the Certification

The CAMS-Audit is valuable for:

  • Professionals involved in AML audits, particularly those in leadership roles.
  • Individuals seeking to deepen their understanding of AML audit processes, governance, and risk-based approaches.

While the certification is AML-focused, it provides a solid foundation for auditing AML programs. For broader auditing knowledge, other certifications like the Certified Internal Auditor (CIA) may be more comprehensive. However, for AML or financial crime professionals, the CAMS-Audit is highly recommended.

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