ACAMS launches KYC certification for operations teams

Friday 10 July 2020 12:36 CET | News

ACAMS (Association of Certified Anti-Money Laundering Specialists) has launched a know your customer (KYC) certification for early career professionals and their supervisors. 

According to the press release, the Certified Know Your Customer Associate (CKYCA) programme sets a new global standard for KYC compliance staff involved in analysis, onboarding, anti-money laundering prevention, and other related roles, providing recipients the core competencies required to perform KYC/customer due diligence (CDD), including enhanced due diligence (EDD), duties for higher risk customers with minimal supervision and experience.

Moreover, CKYCA applicants will learn procedures and strategies to assess and validate customer data, identify ultimate beneficial owners (UBOs) and associated third parties, screen for matches from sanctions lists and media reports, analyse managed assets and red flags for risk assessment purposes, and create customer profiles that account for privacy requirements and future audits, among other skills.

As part of the accreditation process, ACAMS members will be supplied with an examination package that includes an e-learning course, study guide, digital flashcards, online practice questions and a practice exam. Accordingly, applicants will be tasked with completing 8 hours of learning culminating in a comprehensive multiple-choice exam. Study materials for CKYCA will be available from 16 July 2020.

Overall, the introduction of the CKYCA accreditation programme marks the fourth certification programme to be offered by ACAMS and follows the launch of the Certified Global Sanctions Specialist (CGSS) Certification programme from 2019 and the Advanced CAMS-Risk Management from early 2020.

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Keywords: ACAMS, Association of Certified Anti-Money Laundering Specialists, know your customer certification, KYC, anti-money laundering prevention, CDD, customer due diligence, EDD, enhanced due diligence, ultimate beneficial owners, UBOs, customer profiles
Categories: Fraud & Financial Crime
Countries: World
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Fraud & Financial Crime

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