How many days can you go without having any money? 10 days, right? Most definitely not. The current lifestyles that we have requires money everyday. Such a need for money explains why we're always up and about trying to make ends meet. However, it is very easy to get lost in buzz of looking for money and end up employing uncouth methods. Thankfully, there are guidelines that outline the legal and fair ways that one can follow in the journey to richness. One of such guidelines is getting an anti money laundering certificate. Do you want the lowdown on how to go about the process? Read on.
Money laundering refers to the acts of illegally obtaining money from undisclosed sources that are operating illegally or carrying out unlawful activities. As expected, the masters of money laundering always hide their identities.
Activities involved in money laundering include;
- Drug trafficking
- Criminal misconduct
The above activities usually lead to the earning of illegal money. Normally, the laundered money can be channeled through legitimate avenues to disguise or cover up for the illegal activities involved. In addition, money launderers can also bribe officials to overlook their illegal operations.
Money laundering in Ghana is not so prevalent, however, whenever it happens a lot of money gets into circulation. The resulting effect of the additional cash in the economy can weaken the value of the Ghanaian cedis because of the excess supply.
The threat of a devalued currency is the main reason why firm anti-money laundering measures exist. Besides, no country would be ready to allow criminals or people making money from criminal activities go unpunished.
Money laundering in Ghana
Money laundering in the Republic of Ghana may pose little or no effects at its early stage but its effects could be adverse in the long term. As such, it is wise to prevent money laundering from taking place in the first place. Ideally, money laundering in Ghana just like in any other country involves a deliberate attempt to cover up, conceal or disguise the source, nature, location, ownership or control of the illegal activities involved.
The attempt to conceal the activities may involve the tactful use of legal transaction channels to disguise the process as legal. For instance, in drug trafficking, the transactions involved can be very complex. Usually, the aim is to hide the identities of the people involved.
Bribery and corruption go along with money laundering. In the case of a job application, one can pay their way into getting a job placement regardless of whether they are qualified or not. Tax evasion, terrorism, and fraud also take place in the same way thanks to corruption. These activities can affect the economy of a country.
Patriotic people and activists have always been in the front row lobbying for anti-money laundering campaigns to help sensitize and stop the vice. Such efforts have led to the issuance of a certificate of anti-money laundering to people of high integrity.
As a result, presenting a certificate of anti money laundering has become one of the constitutional requirements when one is seeking a top job in the country. The credibility of individuals seeking public office positions has to be thoroughly scrutinized to ensure they are suitable.
Appreciatively, not only is the anti-money laundering compliance certification a great stride towards combating this mischievous practice, but also serves as a warning to those who are still involved in illegal activities. In the same breath, the Republic of Ghana has approved the introduction of professional anti-money laundering courses in Ghana.
The above measures have helped in curbing the money laundering vice. At the same time, anti-money laundering report officers are always on alert in detecting any illegal activity hence helping in maintaining sanity in the financial and economic systems. Having said that, how important is the certificate of anti-money laundering?
How to get anti-money laundering certificate
Having outlined the importance of an anti-money laundering certificate, it is valid to pose the question, "How to get anti-money laundering certificate?" Such a question is important especially when it comes to financial matters even as new technology approaches like using blockchain and crypto-currencies are emerging.
There are two possible certifications one should have. First, is the certificate of anti-money laundering certificate and secondly is a certified anti money laundering specialist certification. The second certificate is issued by a specialist whose specialty is auditing companies and financial institutions.
You will be asked to present an anti-money laundering certificate when shipping in cargo or during freight clearance. The certificate is enough proof that you are not involved in any illegal deals and that the shipping is legit. This certificate may be obtained from the Association of Certified Anti-Money Laundering specialists.
Under the same body, a person who is interested in establishing a career in anti-money laundering activities may similarly get trained and later on be awarded the CAMS certification for courses taken.
After being accredited, you can work for any financial institution or generally any organization and your work will be to establish their sources of income, their business operations and existing cash flow channels.
Certified specialists work harmoniously with the government to curb money laundering, corruption deals, and illegal block chains that pose as good business opportunities only to extort money from innocent citizens then vanish into thin air.
In addition, there is a big umbrella that issue people with the certificate of anti-money laundering. This is the International Compliance Association commonly abbreviated as ICA. It not only gives certificates but also offers professional courses in Ghana for anti-money laundering. This certificate has international recognition and is, therefore, more viable than the locally obtained ones.
ICA anti money laundering certificate
The International Compliance Association is not only tasked with safeguarding the economy and minimizing money laundering threats but also educate people about the same. In doing so, people will learn details about money laundering activities, understand the negative effects of the same, and why it is necessary to avoid illegal activities.
Apparently, the Money Laundering Reporting Officers have many roles.
They enlighten the people about the essence of performing their due diligence.
Oversee the monitoring of the anti-money laundering risks in the dynamic economy with popular trends such as the use of mobile financial services, and the electronic payment systems that fraudsters use.
Monitor junior anti-money laundering officers.
Nonetheless, their work has become easy thanks to technology that monitors the flow of funds. The monitoring process can identify the source, transfer, and receiver of funds.
In terms of training, the ICA is thorough in training people about money laundering activities. The students are taken through a thorough training to help them avoid the vice. Below are some of the anti-money laundering professional courses in Ghana.
Certified anti-money laundering specialist (CAMS)
Even as there are ranks in every other jobs where there are executives and juniors, so is the case with the CAMS. The Certified Anti-Money laundering specialist is the highest rank in the anti-money laundering services. It has a gold standard rating in all the anti-money laundering certifications. Besides, this certificate is recognized worldwide by financial institutions, governments and oversight bodies such as the International Compliance Association. Therefore, CAMS can handle complex issues related to or traced back to money laundering activities.
A certified anti-money laundering specialist is motivated by the ingrained zeal to protect the financial systems against money laundering. Having known far too well the effects of such activities in an economy. They are committed to minimize or prevent any form of money laundering in Ghana.
Benefits of having an anti-money laundering certificate
There are many benefits of having an anti-money laundering certificate. With a certificate of compliance you will enjoy the following gains:
- Safeguards against financial and organizational damage – Ideally, money laundering can negatively impact the finances of an organisation. At the same time, this vice can damage the reputation of a brand or product.
- Adherence to the anti-money laundering requirements – The International Compliance Association has stipulated the requirements for its members. Adherence to the rules and regulations shows that one is committed to end the money laundering in Ghana today.
- Smooth business operations – As mentioned before, there are business deals that may be thwarted if it involves a lot of money. Possession of the anti-money laundering compliance certificate would mean that all your business contracts or arrangements are clean and should take place without any problem.
- Risk reduction – This means that it helps combat situations which would have otherwise brought harm to a business. Besides, the certificate is a mark of trustworthiness and integrity.
The above details explain all the things you need to know about the anti money laundering certificate. Be it how to get one, the courses you need to undertake to become a specialist, or the benefits of having the certificate, all the information is covered.