Certified Anti-Money Laundering Professional

By Dr. Zulk Shamsuddin

The Certified Anti-Money Laundering Professional ™ (CALP) is an ISO-standard certification for individuals with skills and experience in anti-money laundering (AML) that includes AML framework, placement process, layering process, integration process, bribery and corruption, and corporate governance.
It forms the basis of the assessment that applicants must pass to gain the Certified Anti-Money Laundering Professional status and inclusion in the Register of The Global Academy of Finance and Management® Directory of Certified Professionals.
A certified professional in Anti-Money Laundering (AML) needs to acquire the relevant skills and competencies in the following areas.
• AML Framework
• Placement Process
• Layering Process
• Integration Process
• Bribery and Corruption
• Corporate Governance

Upgrade your professional career with the Certified Anti-Money Laundering Professional certification and get noticed by top recruiters.

• Language: English
• Publisher: Lulu.com
• Release date: Aug 10, 2022
• ISBN: 9781387709373

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Copyright © 2020 GAFM ACADEMY

All rights reserved.

ISBN: 9781387709373

INTRODUCTION

The Certified Anti-Money Laundering Professional ™ (CALP) is an ISO-standard certification for individuals with skills and experience in anti-money laundering (AML) that includes defining AML framework, placement process, layering process, integration process, bribery and corruption, and corporate governance.

It forms the basis of the assessment that applicants must pass to gain the Certified Anti-Money Laundering Professional status and inclusion in the Register of The GAFM Academy of Finance and Management® Directory of Certified Professionals.

Upgrade your professional career with the accredited Certified Anti-Money Laundering Professional certification and get noticed by top recruiters.

Benefits of becoming a Certified Anti-Money Laundering Professional

Personal and International recognition. An ISO-standard certification.

Enhanced your CV and get noticed by top recruiters.

The best platform for the development of your professional career.

Assurance for clients of high standards and ethical practice.

Use of the post-nominal CALP or Certified Anti-Money Laundering Professional.

Increased understanding, helping you to work more effectively.

Use the elegant certification card during networking or social events.

Importance of Certification

Certificates and certifications, the names for these credentials sound confusingly similar. But there are important differences. Here’s what you need to know about these resume-enhancing options and how they might advance your career.

What is a Certificate?

Earning a certificate is about education. Certificates are academic credentials awarded by colleges, universities or other educational institutions. Students in certificate programs learn new knowledge in a specific subject or discipline and earn a certificate by successfully completing the coursework. An ideal student for a certificate program is someone who is willing to go through the experience of growing their own skillset, being real about what they want to learn, and working with others, says Jennifer Diamond, an instructor for the UW Certificate in Project Management. Many certificate programs have few, if any, admission requirements, making them an excellent option if you want to move forward in your career. The programs are usually noncredit and take less time to complete than a degree. Certificates are commonly listed on resumes as education, and some meet education requirements for first-time or renewed certifications.

What is a Certification?

When you have the professional knowledge you need, a certification allows you to prove it.  Certifications indicate mastery of skills or standards. Professional certifications are granted by industry groups or career-related organizations. These groups assess your qualifications, usually through an exam or application process.

Many certifications include the privilege to use a related designation following your professional title. A certification differs from a license, which permits you to work in a certain profession and is usually issued by government or regulatory agencies.

Benefits of Certification

Certification helps in learning the new technologies, skills, and abilities for a specific promotion. Earning a new certification or an advanced certification in a particular area of expertise can help in advancing your career.

Professional certification shows consumers and potential employers that you are committed to your profession and are well-trained. It gives them confidence in your abilities and knowledge. Certification makes you more valuable to employers, so you can expect to earn more than someone without certification.

Certifications can give you the chance to learn needed skills, and be a quick way to show employers you have those skills. On the other hand, certifications can require studying or coursework, and cost up to several hundred dollars to take.

AML Professional Role, Skills and Responsibilities

The main obligation for an Anti-money Laundering Professional is to implement an AML program, so that the organization is compliant with certain financial regulations. The position is crucial in any organization particularly the financial industry since AML Professionals are fully responsible for anti-money laundering and compliant with the corporate governance policies and regulations.

AML Professional Responsibilities

AML Professional is in charge of financial regulations and personal data compliance requirements, making sure the company’s AML policy corresponds to the international system. Other responsibilities include screening and monitoring, payment fraud prevention, transaction monitoring for fiat and cryptocurrency, specifically the following:

Looking after records of high-risk clients and report suspicious activities

Assisting the implementation of an Anti-Money Laundering program of an organization

Arranging inspections from third-party organizations and eliminating mistakes in the program

Position Profile

Since there’s no special major such as AML Professional, people with different types of background, from an IT project manager to a lawyer, can be hired to take the position. Senior Management should be aware of the candidate’s skills that are important for the role. In general, AML Professional must be skilled in all types of financial policy and methodology of financial crime. It is essential to consider not only candidate’s skills and abilities but also the fact of how appropriate the candidate is for the unique policy of a company, such as:

Usage of math skills including multiplying, dividing, and counting using fractions;

The ability to read and interpret documents such as government regulations, internal controls, and instruction manuals;

Maintenance of discretion in handling confidential information;

Interaction with team members at all levels of the organization professionally, including the ability to speak in front of groups;

The ability to work irregular hours and extended shifts, including late nights, early mornings, weekends, and holidays.

AML Professionals is an indispensable employees as they are fully responsible for the company’s regulatory processes and reports. To simplify the work for a potential employee, companies can employ additional sources to automate AML screening and monitoring, report generation, case management and transactions monitoring.

Skills Certification

A certified professional in Anti-Money Laundering (AML) needs to acquire the relevant skills and competencies in the following areas. 

AML Framework

Placement Process

Layering Process

Integration Process

Bribery and Corruption

Corporate Governance

Leadership Management

To apply: https://gafm.com.my/application-for-certification/

Money laundering can be defined in a number of ways. Most countries subscribe to the definition adopted by the United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988) (Vienna Convention) and the United Nations Convention Against Transnational Organized Crime (2000)

The conversion or transfer of property, knowing that such property is derived from any drug trafficking offences or from an act of participation in such offence or offences, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the commission of such an offence or offences to evade the legal consequences of his actions

The concealment or disguise of the true nature, source, location, disposition, movement, or rights with respect to, or ownership of property, knowing that such property is derived from an offence or offences or from an act of participation in such an offence or offences

The acquisition, possession or use of property, knowing at the time of receipt that such property was derived from an offence or offences or from an act of participation in such offence.

The Financial Action Task Force on Money Laundering (FATF), which is recognized as the international standard setter for anti-money laundering (AML) efforts, defines the term money laundering succinctly as the processing of…criminal proceeds to disguise their illegal origin in order to legitimize the ill-gotten gains of crime.  A money laundering predicate offence is the underlying criminal activity that generated proceeds, which when laundered, results in the offence of money laundering. By its terms, the Vienna Convention limits predicate offences to drug trafficking offences. As a consequence, crimes unrelated to drug trafficking, such as, fraud, kidnapping and theft, for example, do not constitute money laundering offences under the Vienna Convention. Over the years, however, the international community has developed the view that predicate offences for money laundering should go well beyond drug trafficking. Thus, FATF and other international instruments have expanded the Vienna Convention’s definition of predicate offences to include other serious crimes. For example, the Palermo Convention requires all participant countries to apply that convention’s money laundering offences to "the widest range of predicate offences.

What Is Terrorist Financing?

The United Nations (UN) has made numerous efforts, largely in the form of international treaties, to fight terrorism and the mechanisms used to finance it. Even before the September 11, 2001 attack on the United States, the UN had in place the International Convention for the Suppression of the Financing of Terrorism (1999), which provides:

Any person commits an offence within the meaning of this Convention if that person by any means, directly or indirectly, unlawfully and willingly, provides or collects funds with the intention that they should be used or in the knowledge that they are to be used, in full or in part, in order to carry out:

An act which constitutes an offence within the scope of and as defined in one of the treaties listed in the annex; or

Any other act intended to cause death or serious bodily injury to a civilian, or to any other person not taking any active part in the hostilities in a situation of armed conflict, when the purpose of such act, by its nature or context, is to intimidate a population, or to compel a government or an international organization to do or to abstain from doing an act.

The Link Between Money Laundering and Terrorist Financing

The techniques used to launder money are essentially

Reviews for Certified Anti-Money Laundering Professional

[Sara Lee Johnson · Rating: 5 out of 5 stars]

Excellent content.
The six areas of skills and competencies are relevant for this certification. Contents are sufficient for reference and for writing the exam. Highly recommended for anti-money laundering professionals.