MIAMI, FL, October 29, 2003 â The Association of Certified Anti-Money Laundering Specialists (ACAMS) certification examination results are in!
The Certified Anti-Money Laundering Specialist (CAMS) exam initially administered in Miami Beach, and more recently in New York and Panama, has produced individuals who have received certification attesting to their right to use the CAMS designation after their name. ACAMS Affiliate Member, IDOM, Inc, based in Newark, NJ and Miami, FL, is pleased to announce that its President & CFO, Vincent Raniere, obtained his CAMS designation this spring in Miami Beach during the inaugural certification process.
The CAMS credential is awarded based upon passage of an examination that provides an objective measure of an individualâs broad-based knowledge and experience with international anti-money laundering. The certification program is sponsored by ACAMS, the preeminent international organization for Anti-Money Laundering (AML) professionals, with over 1,500 members in 63 countries worldwide.
This designation has the potential to enhance the careers of those who hold it as it demonstrates that they meet the highest standards for competence in the AML field.
"IDOM has always been innovative and on the cutting edge when it comes to following the newest industry trends and the latest business developments," stated Mr. Raniere. "With our risk-based array of products, I saw the importance of having the CAMS certification as it would add to our creditability and keep IDOM among the leaders of compliance professionals. Others from IDOM have or soon will be obtaining their certification, so that ultimately all of our compliance staff will have the CAMS seal of approval."
Also among the select group from IDOM to earn this prestigious designation thus far are Ilia Rodriguez-Diaz, Director of Compliance and Steven Traverso, Assistant Vice President, Compliance Product Manager.
The passage of the USA Patriot Act, after the terrorist attacks of September 11, 2001, placed greater emphasis on AML issues. Stringent requirements were placed on institutions to monitor activity more closely, define their customer identification requirements based on risk and conduct verification in an effort to deter/detect money laundering by terrorist and organized crime groups. This increased scrutiny of potential laundering reinforces the importance of the need for certified professionals who protect institutions from potentially devastating laundering crimes.
The 100-question certification exam was assembled over a nine-month period by a team of 30 leading anti-money laundering professionals convened by ACAMS. An independent firm of psychometricians, Kansas-based Applied Measurement Professionals Inc., reviewed their work to ensure it was fair and professionally sound.
The exam tested on laundering methods and the risks each poses to legitimate businesses; how to develop effective anti-money laundering defenses; methods of investigating laundering; and the international anti-laundering requirements that companies are expected to adhere to, such as the 40 Recommendations developed by the Paris-based Financial Action Task Force (FATF), the intergovernmental organization that leads the worldwide fight against laundering. Incidentally, FATF immediate past president Clarie Lo of Hong Kong, who led the organizationâs post-9/11 moves to target terrorist financing, recently joined the ACAMS advisory board.