Association of Certified Financial Crime Specialists (ACFCS) is a global organization for private and public sector experts who work in various financial crime disciplines, including anti-money laundering, FATCA-tax evasion, FCPA-corruption, fraud, data analytics, and security, compliance, regulation, and enforcement.
ACFCS offers its members a global community of financial crime experts, where members can network and exchange ideas and solutions to common challenges and knowledge education products. An expert Advisory Board leads ACFCS made up of prominent leaders in various financial crime disciplines in the private and public sector. He has significant experience in managing the activities of ACFCS, creating professional certificates, and leading member associations. In 2001, they established the Association of Certified Anti-Money Laundering Specialists, which issued the CAMS certificate.
Finance companies are faced with many problems, such as cyber fraudsters, human traffickers, and corrupt officials. For this reason, financial crime professionals are faced with an increasingly extensive and complex risk environment. The Certified Financial Crime Specialist (CFCS) is a certification to prepare professionals with diverse skills and broad-based knowledge across the financial crime spectrum.
Topics included in the CFCS certificate program,
- Anti-money laundering
- Terrorist financing
- Tax evasion
- Asset recovery
- Compliance program
CFCS is a standard recognized in more than 80 countries. Certification helps compliance officers, regulators, auditors, and others with similar roles to detect financial crimes. Unlike other educational programs, CFCS provides a broader perspective on the financial crime spectrum. Some of the competencies provided by the certificate are as follows.
- Allows institutions to train their employees on financial crimes.
- Improves communication, coordination, and cooperation among different compliance teams.
- Increases efficiency and effectiveness, which improves results.
- It allows individuals to advance in their careers and allow them to learn about financial crimes.
“CFCS bridges the gap between financial crime risks operations face, budgets needed to mitigate those risks and what regulators consider a strong compliance program, a true ally of law enforcement.”
Those who wish to apply for the CFCS certificate are expected to meet the eligibility criteria. Candidates first enroll in the ACFCS, then are eligible to take the CFCS certification exam. There are some documents required after completing and passing the CFCS review. These documents;
-Two professional references, contact information, and descriptions of relations with you.
-Documents showing that the candidate has earned at least 40 credits in financial crimes and related fields through experience, education, and professional certificates. Candidates must provide sufficient credits before earning the CFCS certificate. You can calculate the credit on the CFCS website.
You must have an active membership to obtain a CFCS Certificate. The CFCS Certification Package includes are; CFCS Exam Study Manual, Online CFCS Exam Prep Webinars, CFCS Exam Practice Test, CFCS Exam fee, and CFCS 1-Year Membership.
The CFCS Certification Package prices are $ 1,245 for Private Sector and $ 920 for Government. Prices are published on the ACFCS website; they may change over time.
There are 145 scenario-based, multiple-choice questions on the CFCS exam. Candidates must obtain 82/125 multiple choice questions (125 are graded, there are an extra 20 questions used for test improvement purposes). Candidates can take the exam again after a 60-day waiting time accompanied by a $ 175 retesting fee.
You can access an electronic copy of the CFCS Certification Examination Preparation Manual and access to the CFCS Exam Prep Webinar, the Online Prep Course, as well as other prep resources, and one year of membership in ACFCS after your payment is done. You can prepare for the exam individually; you can use the resources published by ACFCS or watch the Online CFCS Exam Prep Webinars.
You can take the exam from home using the Online Proctored (OLP) Network. Candidates will take the exam with their pc cameras open. The duration of the exam is 4 hours, and electronic devices are prohibited during the exam. Candidates who fail the exam can take the exam within 60 days by paying the exam fee again.
The CFCS is based on international best practices, and the Certificate aims to train professionals to understand fighting the most critical financial crimes. Financial institutions expect their teams to be informed and competent against different financial crimes. The experts can prove their ability with this certificate. The certificate is particularly suitable for professionals who require a broad-based perspective on financial crime, such as analysts, researchers, and roles in the financial intelligence unit. By certification, individuals prove that they are ready to address a wide range of financial crime threats. Organizations are committed to a higher standard of financial crime detection and prevention.
CFCS is done, what’s next? If your answer is “CAMS”, you can read our guide for the CAMS Certificate. How to get CAMS Certificate?