Review - Certified Global Sanctions Specialist (CGSS) certification

Edit: Whilst I’m happy to answer questions relating to the CGSS, please do not ask me for a PDF copy of the CGSS Study Guide. It is copyrighted material and ACAMS does not allow sharing.

Since recently passing the ACAMS’ new Certified Global Sanctions Specialist (CGSS) certification I’ve received a number of questions about the certification and my experience preparing for the examination.

I’ll try and address each of them and provide other information that I think could be relevant to someone thinking of taking the certification. If I have missed something, or you have any other questions, do reach out to me and I’ll try my best to answer.

In short, the Certified Global Sanctions Specialist (CGSS) is a certification produced by ACAMS towards the end of 2019 with the first examinations in January 2020 (I opted to take the examination on 16th January 2020 which was the earliest date available!).

Unlike the CAMS certification - the traditional certification for the AML professional - the CGSS focusses on…well…Global Sanctions.

What was my motivation for studying and taking a certification related to Global Sanctions? In my experience and opinion, the modern professional needs a broad set of knowledge and skills above and beyond ‘simply’ Anti-Money Laundering - there is the convergence of AML, Fraud, Cyber, and Sanctions remits into a singular Financial Crime Compliance role.

In today’s job market, it is not simply enough to ‘know’ AML.

From my professional resume, I had AML and Fraud demonstrated both through work experience and also certifications (CAMS and CFE) but Sanctions was the ‘gap’ that I wanted to address in my own development.

Having completed the process, I can say I learnt a lot and that it was a worthwhile experience (more below).

What did I learn?

The CGSS study guide is approximately 250 pages in length (minus the appendix and practice questions). There are 5 chapters to study - Governance and Enforcement, Sanctions Evasion Techniques, Sanctions Due Diligence, and Sanctions Screening.

Each chapter has a series of case studies to put the theory into practice.

I would say that the level of complexity is comparable to the CAMS study guide.

How long did I study?

Over the course of 2 weeks, I read the study guide most evenings including 2 full study days.

There isn’t a right or wrong amount of time and everyone will be different. I would recommend, like most certifications, to study over a condensed period of time rather than spreading it out “here and there” over several months.

Anecdotally, I have seen more people pass on the first attempt this way.

Which package?

At the current time, there are 2 options that ACAMS provide: the CGSS Standard Package (USD1695) and the CGSS Virtual Classroom bundle (USD2180).

The more expensive option includes six 2-hour live online classes.

I opted for the CGSS Standard Package which included the PDF study guide, online flashcards, and the 1st attempt at the exam. I didn’t use the flashcards.

What was the format of the exam?

The exam consisted of 100 multiple choice questions covering all 5 chapters of the study guide. The allowed time for the exam was 175 minutes.

I took just over 110 minutes to complete the questions, re-visit the questions I have marked for review (though in most cases I stuck with my original answer), and review all 100 questions. This isn’t an attempt to brag but simply to demonstrate that 175 minutes should be plenty of time to complete the exam.

I found the multiple choice questions were similar to those in the CAMS examination. Most of the questions I received were scenario-based.

The exam was held in a Pearson VUE test centre - the same as CAMS.

Value added?

As I mentioned earlier, the modern Financial Crime Professional needs to have knowledge and experience of a wide range of financial crime remits - including Sanctions. There is a lot of overlap in the techniques and typologies used by money laundering and sanctions evaders, but there are also subtle differences - these differences may change the outcome of an investigation or the need to report a transactions/activity to the regulator.

In the end I feel I have learnt a few things that I did not know before studying for the CGSS. Whilst many AML/Fraud professionals may have knowledge of some of the screening tools and evasion techniques used (many are similar to AML), most of my new knowledge came from the Governance and Enforcement and Sanctions Due Diligence chapters and this is knowledge I will be able to use in my professional practice.

So from a knowledge perspective I would recommend the CGSS and whilst the price of USD 1645 is not insignificant, I feel it was worth it.

Whether the CGSS will become the “Gold Standard” and be a resume “must-have” only time will tell. But, like any form of professional development, it can’t hurt your resume….

**Since posting this review I have received a number of emails with questions, in response I have created a FAQ. Before reaching out to me, check the FAQ as your question may have already been asked and answered.