Back in 2019 I created the TWELVE Financial Crime Program as a 12 month mentoring and development program for financial crime professionals. Over the years many individuals have reached out enquiring if there is - or could be - a shorter / more concise program as it is difficult to find time to commit to a full 12 month program.
Today I add the TWELVE Accelerator Program to the training line up - a self study on-demand version of the TWELVE Financial Crime Program. Created with the same Knowledge and Skill topics as the 12 month program - but at your own pace!
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Several years ago I wrote a post detailing my 12 recommended book related to Financial Crime, now is time for an updated list.
Below are a collection of my favourite books related to Financial Crime. They cover a wide range of different financial crime types, from bribery and corruption to fraud to money laundering to soccer match-fixing.
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If you are currently working in the field of Financial Crime - or have been exploring entering the profession - you will know how expensive many of the courses and certifications can be. A word of warning: just because a course or certification has a high price tag, it doesn’t mean it will be the “best”.
Through my career in Financial Crime I have seen many good certifications that are worth the cost and several that are worth avoiding!
There are many short courses which are low cost - in some cases Free - that can be useful additions both to your own knowledge but also your resume (under the “short courses” or “professional development” section).
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In 2021, due to the COVID-19 global pandemic restricting in-person events or in an effort to broaden access to the certification (I’m not sure which, or both, or neither), ACAMS launched an exam-based version of their advanced audit certification, the Advanced Certified AML Specialist - Audit or CAMS-Audit.
Previously the CAMS-Audit certification involved a 3-day in-person workshop and a white paper in order to achieve the certification. Much to my frustration these workshops - and those for the other in-person advanced certifications - were rarely / never offered in Canada. The associated costs of attending such a workshop in the US made undertaking the certification not possible. So, whatever their motivation, kudos to ACAMS for producing an exam-based version.
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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
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International Security Management is a Coursera short course offered by Erasmus University Rotterdam.
While not immediately related to Financial Crime or Compliance, there are a number of topics covered that can add value to the FC professionals toolkit.
While there are some interesting points raised in the course - internet Intelligence and Investigation, Serious Organised Crime, and Illicit trade - the course itself is quite basic and I would suggest that the assessments are easy enough to pass without reading the material.
Unless you want a certificate for your LinkedIn profile, I’d suggest taking the free option to see if the course meets your needs before paying for the assessed version.
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Recently I reviewed the Coursera short course New Approaches to Countering Terror: Countering Violent Extremism with a recommendation that this course is good addition to any Financial Crime professional looking to upskill in the area of Terrorism or Terrorist Financing.
Another strong Coursera course is Terrorism and Counterterrorism: Comparing Theory and Practice offered by Leiden University.
From the outset of this review I can say that this is possibility the BEST Coursera course I have undertaken.
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New Approaches to Countering Terror: Countering Violent Extremism is a short course by University of Maryland and offered through Coursera.
This is a good entry level course that addresses the differences between Terrorism and Violent Extremism as well as providing many “real-world” examples and case studies. Whilst not a financial crime or terrorist financing targeted course, the content and case studies are insightful as they reveal - or at least start the thought process - some of the potential activities related to Terrorism/Violent Extremism. In turn, this allows the Financial Crime Professional to ability to consider how these activities could be represented in financial transactions.
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Forensic Accounting and Fraud Examination is a short course created by West Virginia University and offered through Coursera.
It is structured as a 5 week course but it can be completed at a quicker pace if you wish. In total there are around 7 hours of content. As with many Coursera courses, you have the option of taking the course for free with access to the course material or $65 for the assessed version which provides a certificate (above).
The course is delivered through a series of interactive videos.
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I recently undertook the Certified Commercial Cannabis Expert (CCCE) certification offered by the Association of Certified Commercial Cannabis Experts (ACCCE). Why? The legalisation of Cannabis in Canada presents a range of opportunities, challenges and risks. Compliance Officers need a strong knowledge of the sector in order to understand the various risks posed throughout the end-to-end Cannabis production lifecycle in order differentiate ‘suspicious’ from sector-specific transactions.
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On Saturday 1st August 2020, I delivered a webinar on the subject of Terrorist Financing to Toronto Compliance and AML Events.
The webinar covered:
Money Laundering vs Terrorist Financing
“Types” of Terrorism
The Cost of Terrorist Events
“Red Flags” of Terrorist Financing
Key actions for the Compliance Officer
Running Time: 1hour 12minutes
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LinkedIn Learning is a great resource of short (and longer) training sessions covering a wide range of topics - and not just related to Financial Crime. The website has a powerful search option and you will find a large number of learning options for each term you search.
I have listed below some of the LinkedIn Learning courses that came to my attention and are related to some of the key competences of a Financial Crime Professional;
Critical Thinking
Decision Making
Leadership
Presentations
Report Writing
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In these COVID-19 times, many of us have taken a moment to focus on our own professional and personal development. This often comes at a financial cost; for many in the current climate there isn’t a development budget to undertake many of the certifications and courses being offered.
Several interesting - low cost and, in some cases, Free - courses have come to my attention and would be worth considering if you are looking to upskill your knowledge and/or refresh your resume:
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I recently appeared on the Compliance Time Podcast to discuss different perspectives on continuous learning and how compliance professionals can build competitive advantages through their learning and development.
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The Financial Intelligence Specialist (FIS) designation is awarded by ManchesterCF, a Canadian financial intelligence company, and accredited by University of New Haven.
Manchester CFs Financial Intelligence Specialist (FIS) designation was on my radar for a while because it is, in the world of financial crime certifications, unique. There are 12 modules, all completed via an online learning platform, on a range of subjects and each with their own knowledge assessment. Successfully obtaining 80% means you pass the module, and passing all 12 modules awards the Financial Intelligence Specialist designation.
Unlike many other certifications, there are no ongoing CPD or renewal costs.
From the outset I will say that the FIS has quickly become one of my recommended certifications, for reasons I will elaborate in this review.
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You may also be interested in my own training course - the 40 hour Financial Crime Professional course:
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.
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ACAMS has been on a development spree in 2019/2020 with the release of two new certifications: the Certified Global Sanctions Specialist (CGSS), which I reviewed earlier, and the new Advanced CAMS - Risk Management (CAMS-RM). The CAMS-RM is also the only certification in the Advanced range from ACAMS that is exam-based.
Successful passing of the Advanced CAMS - Risk Management program awards the designation of Certified Advanced AML Risk Management Specialist (CAMS-RM)
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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.
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Over the course of 2019 as I designed the Financial Crimes Prevention and Mitigation program for Seneca College, I read a lot of financial crime related books in order to ensure the program was full of “real world” examples and case studies. Building on the academic framework, the use of case studies throughout the course aims to provide students with both a theoretical and practical knowledge of financial crime.
Such duality is also seen in the programs’ close alignment with the CFCS certification - offering students a Seneca College certificate and preparation for a leading industry certification.
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