AML Compliance Certification: 5 Best Programs

AML compliance certification programs include the following:

1. American Certified Anti-Money Laundering Specialist (ACAMS)

ACAMS is the largest international membership organization for anti-financial crime professionals, making its certification program especially attractive for organizations interested in AML. The CAMS certification demonstrates how to create a culture of compliance throughout a company’s operations, adhere to AML training requirements, and motivate top talent to work for the organization. To apply for this AML certificate, one must have an ACAMS membership ($345 for a year of individual membership; $225 for workers in the public sector) and have 40 eligibility credits. Credits are accumulated from your professional experience, other certifications related to anti-financial crime or compliance, and any higher education training on the subject of money laundering. 

All purchases of the ACAMS certification exam come with a study guide and a practice exam. There is also an upgraded package that provides access to live, two-hour virtual classes every week for six weeks. Once you buy an exam package, you have six months to take the CAMS exam. The standard package costs $1,995 for the private sector and $1,495 for the public sector. 

2. American Bankers Association (ABA)

The ABA offers two separate instructor-led online programs you can take to earn AML compliance certification. The ABA Certificate in Bank Secrecy Act (BSA) and AML Compliance features 10 courses that provide a detailed overview of anti-money laundering work processes, refresh your ability to detect different forms of criminal behavior, and bring you up to speed on U.S. regulations. The ABA estimates the program will take eight hours to complete. The ABA Certificate in BSA and AML Compliance costs $1,595 for ABA members and $2,095 for non-members. 

The ABA Certificate in Fraud Prevention walks you through the process of creating and managing a fraud prevention operation. This program is much smaller in scope, comprising five courses that take an estimated 3 hours and 25 minutes to complete. It costs $795 for ABA members and $1,095 for non-members. After you buy either program, you have a year from the date of purchase to complete them. 

3. Chartered Financial Analyst (CFA)

The CFA program is made up of three exams that test your skills and knowledge of AML concepts with increasing detail to build your talents and ensure your AML certificate sets you up for professional situations. In addition to the exams, applicants must also complete one Practical Skills Module (PSM) at each level. PSMs are a combination of study materials (videos, multiple-choice questions, guided classes, and case studies) to develop relevant skills. Each PSM takes between 10 to 20 hours to finish. All CFA programs also come with practice questions and two mock exams. 

To enter the program, applicants must currently be undergraduate students, have a bachelor’s degree, or have substantial professional work experience in the past three years. CFA programs take place four times a year during specified windows. You can take each exam twice a year, but not in consecutive windows or within six months of the previous attempt. The registration fee for level one and two exams is $1,290, and $1,390 for level three. 

4. Financial Crime Academy (FCA)

The FCA offers five courses that, if completed, will announce you as a Certified Money Laundering Prevention Professional. The courses are:

• AML/CTF Suspicious Activity Reports
• Counter-Terrorist Financing
• Anti-Money Laundering: Know Your Customer Foundations
• Anti-Money Laundering and Counter-Terrorist Financing
• Anti-Money Laundering Foundations 
  
  

Each program features dozens of lessons and hours of video content to teach applicants how to operate an AML compliance program. Courses end with an online assessment where you must have at least a 60% grade to pass and earn the certificate. 

The FCA is a particularly welcoming training program. There are no experience or academic requirements to take the courses and exams can be retaken as many times as necessary. 

All you need to access the FCA exams is an active subscription to their services. The basic plan costs $30 a month, while higher tiers come with benefits such as a resource hub and dedicated support for businesses. 

5. International Compliance Association (ICA)

The ICA differentiates itself by tailoring its content to designated non-financial businesses and professions in the United Arab Emirates. After you buy into the program (the course is priced at $195), you get access to the test, study materials, and an elective 90-minute virtual classroom session with an expert in the field. The course material is available for up to four months from the date of purchase. 

The final exam is a one-hour multiple-choice test with 25 questions. You must get at least a 70% grade to pass. You are allowed two attempts at the test. If you need another go at it to be certified, you will need to re-enroll at full cost.