My Recommendations for Financial Crime Certifications and Courses
Ian Messenger
*More than 2 years have passed since I wrote this entry but it remains one of my most popular blog posts, for an up-to-date list, visit the Career Development page*
You may also be interested in the 58 hour Financial Crime Professional certification from the TWELVE Financial Crime Program:
548 page PDF Study Guide
17.5 hours of Video Content
FCP designation / postnominals
I frequently get asked on social media for recommendations on what certifications and courses to take to a) increase job prospects or b) advance knowledge and understanding of Financial Crime. In this post I outline my recommended/preferred Financial Crime certifications and, in rank order, demonstrate what I think is the value they provide.
A word of caution: simply having certifications and courses on your resume does not make you a good Financial Crime professional - I have seen too many individuals who have all the certifications possible and lack the required skills and experience.
Certifications and courses should always be combined with “soft skills” and - where possible - experience.
You may also wish to check out my earlier post on 12 recommended books related to Financial Crime.
Certifications
Whilst the following certifications are all worthy of a place on your resume/CV, the costs can add up and our time is limited. To make it a little easier I have ranked them in what I consider priority order, based on my professional and personal experience.
1) Certified Anti-Money Laundering Specialist (CAMS) - offered through the Association of Certified Anti-Money Laundering Specialists (ACAMS). This is self-described by ACAMS as the “gold standard”. In reality, this is the certification that most job descriptions list as “recommended”, “preferred”, or “strongly preferred” and, in my opinion, should be considered as the 1st certification to explore - but not necessarily the only one. As the name suggests, the certification is very AML focussed. Depending on your role, it may not be the only certification to consider. Especially given the increased fusion of AML and Fraud remits into current financial crime / compliance roles.
2) Certified Financial Crime Specialist (CFCS) - offered through the Association of Certified Financial Crime Specialists (ACFCS). Straight up, this is my preferred financial crime certification as it covers a much wider range of financial crime topics (AML, Fraud, Sanctions, Cyber, etc) which are relevant to the modern financial crime professional. This is the certification I recommend for its content, but conscious that CAMS is the dominant certification listed in job descriptions (as above), to aspiring and existing financial crime professionals. This is the certification that I have chosen to link with Seneca Colleges’ Financial Crimes Prevention and Mitigation program.
3) Certified Fraud Examiner (CFE) - offered through the Association of Certified Fraud Examiners (ACFE). This certification - as the name suggests - is predominately Fraud focussed. It is by far the most comprehensive certification on Fraud and covers an extensive range of Fraud typologies and schemes. I would recommend this certification as a compliment to CAMS or CFCS (or both). My only caveat is that the course is VERY USA-orientated and discusses many schemes which do not apply outside of the USA, but are tested on the exam.
4) Certified Global Sanctions Specialist (CGSS) - offered through the Association of Certified Anti-Money Laundering Specialists (ACAMS). This is a newer certification, launched in 2019, which focuses on…Sanctions. Read my review here.
5) Certified Advanced AML Risk Management Specialist (CAMS-RM) - offered through the Association of Certified Anti-Money Laundering Specialists (ACAMS). This is one of ACAMS “Advanced” certifications, meaning that holding a current CAMS certification is a required to meet the acceptance criteria. This certification focuses on risk management and acts as a overarching link to the other Financial Crime certifications and specialist areas. Read my review here.
6) Certified Gaming Compliance Specialist (CGCS) - offered through the Association of Certified Gaming Compliance Specialists (ACGCS). This is the only comprehensive certification for Casino and iGaming compliance / AML professionals. Covering 56 modules including, AML, Fraud, Bribery and Corruption, Sports Betting, Match-fixing, Leadership and Ethics, this is a strong certification for this sector. Read my review here
Certificates and Short Courses
Below are a number of Financial Crime courses which I currently recommend for your consideration.
Financial Crimes Prevention and Mitigation - offered by Seneca College in a hybrid in-class and online format over 16 weeks. This course covers the wide range of Financial Crime topics and is closely tied to the CFCS Certification. Disclaimer - this is my course! But I encourage you to review the course yourself. Feel free to reach out with any questions. For further information, see my dedicated page for the course here.
Financial Crime Analysis - offered by Seneca College in an in-class format. This course focusses on analysis and investigation techniques relating to Financial Crime Compliance.
Financial Crime Investigation and Report Writing - Almost 7.5 hours of content related to Investigative Best Practices and how to communicate the results through a well-written report. The course also looks at best practices in presenting findings to an audience.
Financial Crime Essentials - 17.5 hours of content covering a wide range of financial crime types including AML, Fraud, Bribery and Corruption.
There are a number of niche courses offered by the Canadian Securities Institute and The Investment Funds Institute of Canada. Depending on your role, these may be of interest. The most popular for the generalist Financial Crime professional are the Canadian Securities Course (CSC) and the Canadian Investment Funds Course (CIFC)