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ICA Certification in AML Endorsed by ICPAC and CBA for Legal and Accounting Professionals

In 2023, the International Compliance Association (ICA) launched its AML certification, evaluating professionals’ competence in anti-money laundering regulations. This article explores the ICA Certification in AML and addresses common queries by professionals. The certification is vital for those aiming to excel as Compliance Officers in regulated bodies like the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Cyprus Bar Association (CBA), offering a clear pathway to advancement. It’s primarily designed for professionals aspiring to become AML compliance officers within ICPAC and CBA regulated entities.

Who Should Pursue This Certification?

The ICA Certification in AML is a vital credential for those aiming to serve as AML compliance officers in entities regulated by ICPAC and CBA. It is especially advantageous for:

  • Internal & External Auditors
  • Accountants
  • Lawyers
  • Risk Managers & Compliance Officers
  • Chief Operating Officers & Financial Controllers
  • Executive Management

Q&A on ICA Certification in AML

What is the ICA Certification?

The ICA Certification in AML is a prestigious accreditation offered by the International Compliance Association (ICA). It significantly enhances a professional’s comprehension of AML regulatory frameworks, essential for thriving in compliance roles.

AML/CFT Certification Exam: What to Expect

The AML/CFT Certification Exam is a focused 60-minute online assessment consisting of 25 multiple-choice questions. It evaluates your expertise in anti-money laundering and counter-financing of terrorism. A passing mark of 70% is required.

2024 Exam Registration Details

  • Next Exam Date: April 9th, 2024
  • Registration Period: January 10th – March 8th, 2024
  • Format: Online test, 60 minutes, 25 questions
  • Pass Mark: 70%
  • Cost: €300 per attempt
  • Languages: English and Greek

How Often Are the Exams Conducted and When Can I Enroll?

The ICA Certification exams occur four times a year. The registration and exam dates for 2024-2025 are as follows:

  • Jan 10th to Mar 8th, 2024 for the April 9th exam
  • Apr 10th to Jun 10th, 2024 for the July 9th exam
  • Jul 10th to Sep 9th, 2024 for the October 8th exam
  • Oct 9th to Dec 9th, 2024 for the January 8th, 2025 exam

Registration options are available through both the ICPAC and CBA portals

Where and How Will the Exams Take Place?

The exams are conducted online. You can take them from a location of your choice, following the instructions provided by the ICA.

What is the Cost of the Exam?

Each exam sitting costs €300.

What Languages are Available for the Exam and Study Materials?

Both the exam and the study materials are available in English and Greek. You can choose the language that suits you best.

What Happens if I Fail the Exam?

If you don’t pass, you can retake the exam in a subsequent sitting. You will need to re-register, but there’s no limit on the number of attempts.

Is the Certification Available to Non-Members of ICPAC and CBA  or Non-Compliance Officers?

Yes, the certification is open to anyone interested in gaining this knowledge and certification.

Is There a Requirement to Renew My ICA Membership for My Certification?

An active ICA membership isn’t necessary to maintain your AML/CFT certification. However, you need to complete at least 10 CPD hours annually on compliance-related subjects as per ICPAC’s  and CBA directive.

How Will I Know the Results of the Exam?

The results are displayed immediately on your computer screen upon completion of the exam. Successful candidates will receive a certificate from the ICA.

Do I Need to Retake the Exam Annually to Remain a Compliance Officer?

No, the certification is a one-time requirement. Once you pass, you don’t need to retake the exam for this purpose.

Continuous Professional Development (CPD)

Passing the exam entitles you to 21 verifiable CPD (Continuing Professional Development) units for the year. However, these units cannot be transferred to the next year. To maintain this certification, a minimum of 10 CPD hours annually on compliance-related topics is required

Comprehensive Preparation Session

Enhance your preparation for the ICA Certification in AML.

CX Financia, in collaboration with Centre Eight Education and Research Organisation , presents a comprehensive 16-hour preparation session for the @ICA Certification in Anti Money Laundering (AML). Led by a an expert HRDA trainer, this session covers essential topics including AML, CTF, sanctions, regulatory bodies, and AML issue management, alongside focused exam preparation. Register now for detailed insights and to secure your spot. Click for more details and to register here.

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