Personal Notes on the CAMS Certification
Content will be updated frequently: Github Repository
Chapter 2: Risks and Methods of Money Laudnering and Terrorist Financing
Money laundering the process of making funds from illegal sources appear legitimate. There are usually 3 stages:
- Placement - cash or cash equivalents are placed into the financial system
- Layering - the money is transferred or moved using financial transactions to obscure the origin of the money
- Integration - final stage, the funds are reintroduced into the economy with the appearance of legitimacy
Impacts of money laundering could include increased crime and corruption, and undermine the private sector.
Chapter 3: Compliance Standards for Anti-Money Laundering and Combating the Financing of Terrorism
International cooperation is key to success:
- The Financial Action Task Force was created in 1989 formed by a group of 7 nations to create worldwide standards
- The FATF first published the 40 recommendations in 1990 and have revised it several times since then
- FATF Home page
Chapter 4: Anti-Money Laundering Compliance Program
The compliance program should be consistent with the risks associated with
the institution's customer base, location, size and the products and services it offers.
This section illustrated what to consider when designing a compliance program:
- how to spot, manage, document andfollow up on suspicious activities
- how to maintain your program effectively and efficiently
- and what you need to know about properly training and screening employees who use the system
Chapter 5: Conducting of Supporting the Investigation Process
Institutions must be aware of the possibility of investigations by law enforcement agencies and how to respond to them; and the international bases and mechanisms for cross-border sharing.
Also, institutions need to be aware of the potential need to conduct their own internal investigations.
This section also talks about using the internet for investigations.
Click the list of resources for more material.
UPCOMING PLANNED TOPICS:
Structure and Content of the Suspcious Activity Report Form
Bank Secrecy Act Anti-Money Laundering Manual FFIEC
Office of Foreign Asset Control
Finding and Analyzing the Law
This site is designed to be a centralized repository for AML resources.
Topics on the site include but not limited to:
- Risk-Based Approach Guidance Models
- Suspicious Activity Indicators
- The Compliance Program
- Legislation including the USA Patriot Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrosim Act)
- The repository also contains links to many outside resources
Thank you for your support. Enjoy!