“Is it worth my time and money to get CAME?”
The short answer to your question is yes, CAME certification can be of great value to you if you are trying to pursue your career in compliance.
Certifications in today’s world derive the value from the students completing the certifications. AML certification derives the value because of its Globally Influential CAME Professionals. In India, there are certain organizations that require, or highly prefer, a specified certification such as CAME or CFAP if the company is in the process of rolling out the process of investigation throughout the organisation or is looking to control the money laundering activities.
In India, CAME is preferred in the Top IT Companies working on the compliance process resolutions for the multinational banks.
In this case, if you have one of these certifications, you are in an excellent position to get hired.
Certifications have long been a mainstay of financial system and professional credential like CAME is becoming a part of this education process. In last few years the demand for certification has soared due to various regulatory developments in India.
Law enforcement agencies fighting the organized crime are flooded with the money laundering investigations and need the support from the certified professionals to look into the bank accounts of the alleged illegitimate businesses.
Increased number of regulatory fines require financial institutions to take action to curb the proceeds of crime coming into the banking system. Techniques of money laundering are constantly evolving and the money obtained from the criminal activity is disguised and deposited in the bank as the income of legitimate business. Once the dirty money gets into the banking system it becomes clean. The amount of money which is deposited in the bank in the disguise of the legitimate business is growing significantly over a period of time.
Though there are substantial number of certified professionals in United States to combat money laundering, India still needs atleast 100,000 Certified Anti Money Laundering Experts to equip itself to find out the suspicious transactions.
Compliance certifications or CAME particularly have two main advantages.
First, and most important, the certification provide framework by which compliance professionals can learn to understand the financial transactions and gain a level of proficiency in a specific issues such as identification of shell companies, understanding the provisions of bank secrecy act or financial action task force (FATF) or decoding the money laundering techniques associated with drug trafficking etc.
Second, it provides the recipient with a credential showing they have a defined body of knowledge in a specific area.
Register for the CAME certification now
Hiring Managers look at Certified Anti Money Laundering Expert from the perspective that if the person cares enough about his/her career to spend his/her time and money pursuing knowledge and credentials in a specialized area of technical study, Finding and signing up for classes, Studying for an exam and passing an exam then the person is self-starter, follows through on planned activities, is of a professional mind set and has knowledge in a defined area of study.
Linkedin is one of the great tools to search who is completing the certifications and where are they positioned. Their are many professionals who proudly add the four letters CAME on their linkedin profiles to get more visibility. One can enter the keyword CAME on Linkedin to understand the student profiles.
Value of Certification
Earning professional designations provide numerous benefits to the finance and audit professionals including improved career prospects and enhanced earning power. In its study of 1,047 forensic accountants and anti-fraud professionals in India, India forensic observed that entry level salaries in this field range upwards of Rs 6 lakh to Rs 8 lakh, but experienced forensic accountants often exceed Rs 12 lakh per year and more even in recessionary times. Mumbai and Delhi are the two cities in India where more than 40 per cent of the forensic accountants are situated.