Review - ICA Specialist Certificate in Money Laundering Risk in Betting and Gaming
Ian Messenger
If you are looking for learning and development in the area of Betting, Gambling and/or the Casino industry, there aren’t many options…
Despite being located in North America, none of the major bodies (at time of writing) appeared to offer any certificate courses in this area (save for the GAMS certification). As a result I had to go outside the continent to the International Compliance Association - an association which is more popular in Europe - which offered a specialist-level certificate in Money Laundering Risk in Betting and Gaming.
The syllabus for the certificate covers:
Essential AML Concepts
The Gambling Market - A Summary
Money Laundering Risks in Gambling
Risk Based Approach, Culture & Governance
AML in Operation
Market Outlook
For those working in financial crime already, the general “essential” AML concepts and discussions are nothing new and are delivered at a more junior level than other industry certifications, such as CAMS and CFCS. Where the certificate shines in by providing a good introduction to many of the common money laundering typologies and risks seen in this sector, such as:
Internal Risks
Customer Risks
Means of Payment Risks
Product Risks
Online Risks
The certificate is studied via a 81 page PDF manual and assessed via a 25 question online multiple choice exam. I read the manual once and passed the exam first time.
The certificate is best suited to those who are, unsurprisingly, looking for knowledge in the area of Betting and Gaming as this is an area not covered by many other offerings. I imagine that many looking to upskill in this area already possess other industry certifications so there may be a bit of repetition. Although for more junior positions, the ICA Specialist Certificate in Money Laundering Risk in Betting and Gaming could serve as sufficiently informative - where full certifications such as CAMS and CFCS might be overkill.
The certificate is priced at US$800.
Would I recommend it?
Qualified yes.
If you are specifically looking for demonstrable learning via a course or certification in this sector, then it is a good offering.
If you are in junior financial crime role in this sector and don’t want to, or qualify for, a full certification, this could be a good option as it does cover “Essential AML Concepts”. It wouldn’t replace the detail of CAMS or CFCS however.
If you have an interest in the sector, or want to upskill, and don’t necessarily need/want a certificate to validate your knowledge, much of the information on typologies and risks is freely available online, such as FATF’s Vulnerabilities of Casinos and Gaming Sector report.