Revisions to the Certified Anti-Money Laundering & Counter Financing of Terrorism Compliance Officer (CAMCO) Qualification

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Revisions to the Certified Anti-Money Laundering & Counter Financing of Terrorism Compliance Officer (CAMCO) Qualification


07 Dec 2020

For the attention of:

  • CAMCO existing and new candidates
  • CAMCO trainers
  • Banks’ Learning & Development Division/Department

We are pleased to update you on the following revisions to the CAMCO qualification, effective 2021. Kindly note that enrolments for the revised CAMCO qualification open on 7 December 2020.

1. Syllabus

The changes to the CAMCO syllabus are as follows:

Revised CAMCO Syllabus
ChapterUpdates
1Money Laundering and Terrorism Financing: Methods and Practicesa. Addition of Proliferation Financing (PF)

b. Understanding the differences of Money Laundering (ML)/
Terrorism Financing (TF)/Proliferation Financing (PF)

c. Roles of FI to Combat Proliferation Financing (PF)

d. Impact of Money Laundering (ML)/Terrorism Financing (TF)/Proliferation Financing (PF)

2International Legal Framework on AML/CFT and International Standardsa. Addition of Mutual Evaluation

b. Addition of Regional Bodies and its Role

3Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001: A Practical Approacha. Analysing the far-reaching impact of the law and enforcement

b. The new trend in enforcing the law

c. Investigations

d. Dealing with Terrorists’ Properties

4AML/CFT Governancea. Incorporating New BNM’s Policy Documents

b. Updating New Standard and Regulations

c. AMLA Orders Significant to FIs

5KYC Policy: Importance and Implementationa. Customer Due Diligence (CDD) during On-Boarding

b. Types of Customer and Documentation Verification

c. Importance of CDD

d. Risk Associated with Failure to Conduct Effective CDD

e. CDD vs Simplified DD vs Enhanced DD

f. Source of Funds and Source of Wealth

Risk Based Approach (RBA) moved to Chapter 6; additional details on RBA

6Risk Based Approach (RBA)a. Analysing the RBA methodology

b. RBA Factors

c. RBA Guidance by FATF

d. Rationale for RBA

e. Documentation of the RBA Process

7Suspicious Transaction Report (STR): Identifying, Investigating and Reporting Obligationsa. Reporting Obligations under Section 14 of AMLA

b. Automated AML/CFT Transaction Monitoring System

c. Expectations of FIED

d. On-Going Monitoring

Suspicious Transaction Report (STR) moved to Chapter 7

8Sanctions Overview

New Topic

a. What are Sanctions, its Importance and Purpose

b. Far-Reaching Effect of Sanctions

9AML/CFT Compliance ProgrammeNew topic

a. What are the Components of Compliance Programme

b. Regulations on Compliance Programme

c. How to Implement Compliance Programme to Mitigate ML/TF Risks

10ML/TF Typologiesa. ML Typologies in Various Sectors/Industries

b. Emerging ML/TF Typologies

c. Strengthening Risk Assessment in Combating ML/TF

More depth covering various methods, challenges and concerns.

2. Entry Requirements

Current CAMCORevised CAMCO
3 years of AML/CFT-related working experience2 years of compliance-related working experience; OR

1 year of compliance-related working experience if candidate possesses a recognised foundation-level certification in AML/CFT

3. Assessment (effective July 2021 examinations)

Current CAMCORevised CAMCO
  • 50% assignment and 50% examination
  • Examination duration – 2 hours 45 minutes
  • 100 independent multiple-choice questions (MCQs)
  • Grade bands are as follows:

Distinction≥ 70
Merit60 – 69
Pass50 – 59
Fail≤ 49
  • 50% assignment and 50% examination
  • Examination duration – 3 hours
  • Section A – 60 independent multiple-choice questions (MCQs)
  • Section B – 20 case-based MCQs
  • Grade bands are as follows:
Distinction≥ 80
Merit66 – 79
Pass50 – 65
Fail≤ 49

4. Transition

A special examination sitting based on the current CAMCO syllabus and format will be arranged in March 2021 for current candidates who are unable to complete the qualification by the December 2020 examination.

If candidates fail the March 2021 examination, passes gained for the assignment component will be nullified and candidates have to start afresh under the revised CAMCO.

5. Key Dates

Current CAMCORevised CAMCO
ActivityDateActivityDate
Resit examinations closing date29 January 2021Enrolment open date7 December 2020
Assignment release date4 February 2021First examination for Revised CAMCO1 – 31 July 2021
Special examination sitting dateMarch 2021 (exam date TBC)
Final assignment submission date31 March 2021Final assignment submission date26 April 2021/ 18 May 2021
Results release date15 June 2021Results release date27 August 2021

Notes:

  • Candidates who have failed the special sitting will be treated as new candidates to the revised CAMCO;
  • The next examination sitting for the special sitting failed candidates would be in December 2021;
  • The passes gained for the assignment component will be nullified in case the candidate did not pass the examination component in the special sitting; and
  • The CAMCO Examination Schedule 2021 is available on the AICB website.

6. Fees

The fee structure for the revised CAMCO is similar to the current CAMCO. Kindly click here for more details on the fee structure.

Click here for the link to the Revised CAMCO FAQs.

For further enquiries, please do not hesitate to contact AICB’s Member Services team at [email protected] or call 1300-88-6833 / 03-2095 6833 or ABS at [email protected].

Thank you.