Certificates

Certified Anti-Money Laundering Specialist (CAMS)

Ozgur Eker (CDCS) CAMS, Certificates ,
Certified Anti-Money Laundering Specialist (CAMS)

Anti money laundering is one of the key aspects of international financial transactions.

It is becoming more and more important as governments and financial regulators tighten AML rules and regulations every year.

Nowadays banks and other financial institutions open managerial positions in the AML field such as “Anti-Money Laundering Compliance Testing Officer”, “Compliance Manager”, and “Chief AML Officer”.

Having a reputable certificate would be very beneficial when applying one of these jobs.

Certified Anti-Money Laundering Specialist is a financial certificate which is governed by the organization of Association of Certified Anti-Money Laundering Specialists (ACAMS).

CAMS certificate is very well respected within the industry. Some job positions require Certified Anti-Money Laundering Specialist Certificate.

Additionally ACAMS claim that the certificate holders earn 32% more than their colleagues who do the same job.

Who Can Enter CAMS Examination?

Unlike international trade and finance certificates issued by The London Institute of Banking & Finance such as CITF, CDCS and CSDG, you need to posses certain qualifications in order to take the CAM examination.

Who can enter CAMS examination?

You have to collect a minimum 40 qualifying credits based on education, other professional certification and professional experience in the field. All of these qualifications must be evidenced with an appropriate document.

  • Education: Associate Degree 10 credits, Bachelor’s Degree 20 credits and Masters Degree/PhD/JD or Equivalent 30 credits. You can select only one option which should be the highest level of education.
  • Professional Experience: Allowed period of professional experience is limited to the past 3 years. You will get 10 credits for each year of full-time experience in anti-money laundering or related duties in a financial institution.
  • Certification: You will get 10 credit from each acceptable professional certification financial related such as CPA, CPP, CRCM, CFE, CPE, CIA, CA/AML, NASD Series, etc. Any certification program must include a minimum of eight (8) hours of instruction and a certification exam.
  • Courses: You will get 1 credit for each hour of attendance at a course/seminar/web seminar/conference/educational and or training session on the topic of money laundering control and/or related subjects.

You can calculate your credit score online by using online CAMS Calculator.

You have to submit supporting documents for the requirements outlined above.

You have to provide three professional references.

What is the CAMS Examination Format?

The CAMS examination consists of 120 multiple choice and multiple selection questions. Examination period is 3 ½ hours. Also there is no penalty for guessing. In order to increase your chances of passing, you can guess the correct answer instead of leaving a question unanswered.

What is the CAMS Examination Format?

How to Register to the CAMS Examination?

First of all you have to buy CAMS examination package. Purchasing the CAMS Examination Package gives you all the necessary tools to successfully take the CAMS examination. The package includes:

  • Electronic and audio study materials
  • Study tips, flashcards and practice questions
  • Online CAMS Preparation Seminar
  • The CAMS examination

How Much Does It Cost to Take CAMS Examination?

CAMS examination fee is USD 1,595.00 for private sector members and USD1.145,00 for public sector members.

How to Schedule the CAMS Examination?

Once your payment is received and application approved, you will be sent an ID number and instructions to schedule your examination. CAMS examination centers are located across the globe at hundreds of locations.

Click here to find a testing center near you.

CAMS examination centers

What Should be the Main Considerations When Taking the CAMS Examination?

  • Early Arrival to the Test Center: Plan to arrive 15 minutes before the scheduled appointment to allow time for check-in. Candidates who are late may not be allowed to test.
  • Identification: Bring with you one form of a current and valid government-issued identification bearing a photograph and a signature. The name on the identification must match the name used for registration.
Valid forms of primary identification include:
  • Driver’s license
  • State-issued identification card
  • Military identification
  • Passport
  • Other government-issued identification
  • Forbidden Items: Purses, bags, and coats are not permitted in the testing room. If you wear a jacket/coat in the testing room, it must be worn at all times. Electronic devices are not permitted in the testing room including: telephones, digital watches, PDAs, signaling devices such as pagers and alarms and calculators etc.

Forbidden Items:

Examination Security Measures:

ACAMS has taken strict security measures to ensure the integrity of the CAMS Examination. These security measures include:

  • Proctors: There will be examination proctors present before, during, and after the examination to ensure that all rules and regulations are followed.
  • Video Cameras: There are high-tech video cameras surrounding the examination site of every testing center to ensure that no assistance is given during the examination.
  • Audio: There is a live audio recording of each examination session at every testing center to ensure that no assistance is given during the examination.

CAMS Examination Content Outline

I. RISKS AND METHODS OF MONEY LAUNDERING AND TERRORISM FINANCING

  • A. Money Laundering and Terrorism Financing Methods
  • B. Recognition of Risks

II. COMPLIANCE STANDARDS FOR ANTI-MONEY LAUNDERING (AML) AND COMBATING THE FINANCING OF TERRORISM (CFT)

  • A. International
  • B. Regional

III. AML COMPLIANCE PROGRAM

  • A. AML / CFT Compliance Program Design in Different Industry Settings
  • B. Maintenance of an Effective AML / CFT Compliance Program

IV. CONDUCTING OR SUPPORTING THE INVESTIGATION PROCESS

  • A. SAR and STR Filing
  • B. Assistance of Institutional Investigations
  • C. Assistance of Legal and Government Inquiries Domestically and Internationally Within Parameters of the Law

Do you want to get more information about anti money laundering certification? Further details are available at “Tools to Become an AML Expert” section of the ACAMS website.

Case Study 1: Hong Kong investor Group vs New York branch of ABN Amro
A lawsuit filed by a Hong Kong investor group in 2004 accused the New York branch of ABN Amro of allowing First Merchant Bank, of the Turkish Republic of Northern Cyprus, to defraud the group.
According to the lawsuit, ABN Amro ignored several warnings on six correspondent accounts it opened for First Merchant Bank at its New York branch in 1998.
Soon after, the branch received two warning letters, including one from the Central Bank of Cyprus, which advised the bank of the financial and reputational risks of doing business with entities that included First Merchant. More warning letters came later, but the bank did not close the First Merchant accounts until spring 2000.
The lawsuit claimed that ABN Amro failed to conduct proper due diligence on First Merchant and its accounts and ignored a number of red flags, including:
  • First Merchant held only an offshore license from Northern Cyprus;
  • The bank had no physical offices except a small office in Northern Cyprus;
  • It had no banking or securities licenses in New York; and
  • its chairman and managing director, Hakki Yaman Namli, was sought by Italian authorities in connection with allegedly laundering $50 million.
The bank also entered into a written agreement with the Federal Reserve, which ordered it to tighten anti-money laundering controls in its New York correspondent account and clearing service divisions.
Case Study 2: Isaac Kattan and Hernan Botero Case
Isaac Kattan was a travel agent and businessman. Kattan allegedly laundered an estimated $500 million per year in drug money, all of it in cash.
Couriers from a number of cities would visit him in his apartment, leaving boxes and suitcases full of money. The bagmen were messengers from narcotics distributors.
The money was payment to their suppliers in Colombia. One of Kattan’s favorite places for making deposits was The Great American Bank of Dade County. Officials in the bank were bribed to accept his massive deposits without filing currency transaction reports (CTRs).
Hernan Botero, another individual, allegedly had a similar operation which was smaller than Kattan’s. He laundered only about $100 million per year out of his home near Palm Beach. The Botero group used offshore corporations to invest in Florida real estate as another way to launder money from cocaine deals. Botero was indicted in the United States and testimony in federal court showed he had bribed officers and employees of the Landmark Bank in Plantation, Florida, to accept his deposits.
The money was brought in almost daily by Botero front companies. From Landmark, the money was transferred to the Miami accounts of Colombian banks. From there, it was a simple matter to wire the money to banks in Colombia. By the early 1980s, the federal Operation Greenback had arrested Kattan, Botero, and others. Kattan and Botero were sentenced to 30-year terms in federal prison.

CITF (Certificate in International Trade and Finance)

Ozgur Eker (CDCS) CITF , , ,
CITF (Certificate in International Trade and Finance)

What is CITF Certification (Certificate in International Trade and Finance)?

CITF is the abbreviation of the Certificate in International Trade and Finance.

Certificate in International Trade and Finance (CITF) is a title in international trade finance.

You have to pass a written examination that takes two hours in order to be qualified as a CITF.

CITF certificate has been designed for exporters and importers. Banking professionals may also be benefited from this internationally recognized certificate.

CITF certificate programme has been developed by The London Institute of Banking & Finance in consultation with trade finance experts from across the world.

CITF combines trade finance theory and practice.

By having this certificate you prove that you have enough technical knowledge in international trade finance with the skills to apply them in real life situations.

Scope of the CITF Certificate:

After studying CITF, you will understand:

  • The global trade dynamics and factors shaping the world economy as a whole,
  • The role of the ICC in international trade and the rules that have been created by ICC,
  • How to use ICC international model contracts in daily life,
  • The basics of trade terms and Incoterms rules,
  • The documents used in international trade such as financial documents, official documents and transport documents,
  • What are the risks associated with foreign currencies when exporting and importing?
  • How to mitigate foreign exchange risks in international trade finance?
  • What are the payment methods in international trade?
  • What are the differences between open account, documentary collections, documentary credits and bank payment obligations?
  • The fundamentals of guarantees and standby letters of credit.
  • Differences between short, medium and long term trade finance
  • Fundamentals of Islamic trade finance
  • How to handle disputes arising from international trade operations?
  • Basics of arbitration
  • Fraud prevention and anti-money laundering

Eligibility of the Examination:

CITF would be a highly valuable achievement for exporters, importers and banking professionals who would like to prove their knowledge in international trade and finance in a global scale.

There are no entry requirements for CITF certificate examination. Anyone who pays the submission fee may enter the CITF examination.

But please keep in mind that CITF examination has a moderate difficulty level. Well preparation is a must, experience on related fields is a good asset.

The examination takes place in English language only.

Examination Format:

Assessment for CITF consists of a 2 hour multiple-choice examination, designed to test knowledge and its application.

The examination paper consists of 100 multiple-choice questions, split in to two sections:

  • Section A – 80 multiple-choice questions
  • Section B – four case studies, each with 5 linked multiple-choice questions.

To pass you must achieve the required pass mark of 70%.

CITF is examined in over 30 countries each year and are given in paper format at designated international centres.

Important Note: Examination structure can be modified from one exam to another.

Organizer:

CITF examination held by The London Institute of Banking & Finance. You can reach their website from this link.

Costs:

CITF examination which is held by The London Institute of Banking & Finance cost you around 580GBP. (650EUR)

*for exact and up-to-date cost please refer to above official website.

How to Prepare?

The London Institute of Banking & Finance provides following learning materials to each candidate:

  • online access via MyLIBF – www.myLIBF.com to learning materials and to KnowledgeBank (virtual library);
  • unit syllabuses;
  • study text;
  • specimen paper; and,
  • student-led forum.

Additionally, candidates can benefit from ICC publications as indicated below:

Assessment Criteria:

You can reach CITF examination learning outcomes and assessment criteria from this link.

How to Apply?

You should apply for a CITF certificate exam from The London Institute of Banking & Finance’s official website.

CSDG (Certificate for Specialists in Demand Guarantees)

Ozgur Eker (CDCS) CSDG , ,
CSDG (Certificate for Specialists in Demand Guarantees)

What is CSDG Certification (Certificate for Specialists in Demand Guarantees)?

Certificate for Specialists in Demand Guarantees (CSDG) is a title in international trade finance. You have to pass a written examination that takes three hours in order to be qualified as a CSDG.

By having a CSDG certificate you can prove your knowledge and application of the skills required for competent practice in demand guarantees and standby letters of credit in international trade finance.

CSDG certificate is endorsed by ICC so it is recognized in a global scale.

On this page you will find more information about CSDG certificate.

Scope of the CSDG Certificate:

CSDG will cover all of the key areas and aspects that demand guarantee specialists are expected to understand and practice.

CSDG will develop students’ knowledge and expertise in the use of guarantees, industry rules, legislation and the challenges relating to demand guarantees and standby credits.

  • Demand guarantees – including tender, performance and advance payment
  • Indemnities, Suretyships and standby letters of credit and how they compare
  • Scope of industry rules including URDG 758 and ISP98
  • Parties involved in demand guarantees and their roles and obligations
  • Risk issues, including types, control and mitigations
  • Impact of external factors including governing law and force majeure

Eligibility of the Examination:

There are no entry requirements for the CSDG examination. Anyone can enter CSDG examination.

However please keep in mind that it is not easy to pass the CSDG exam. You should prepare well for it.

Examination takes place in English language only.

Time constraint is one of the biggest problems on the examination, especially for the non-native English speakers. As a result, English reading pro-efficiency is a must.

You have to read and understand the questions very fast.

The London Institute of Banking & Finance recommends to the exam participants have a minimum of three years of demand guarantee and standby documentary credit experience for their benefit.

Examination Format:

Assessment for CSDG consists of a 3 hour multiple-choice examination, designed to test knowledge and its application to practical situations.

The content of the CSDG examination is based on the results of a job analysis study that identified key responsibilities of a demand guarantee and standby documentary credit practitioner and areas of knowledge and skills required for competent practice.

To earn the professional designation you are required to pass a three-hour examination that is designed to test your knowledge and its application to practical situations.

The examination is based on an English study text.

CSDG is assessed through a 3-hour paper-based objective exam split into two sections:

  • Section A – 50 multiple-choice questions
  • Section B – 10 standalone multiple-choice questions, one case study with 6 linked multiple-choice questions and 6 simulation exercises

Organizer:

CSDG examination held by The London Institute of Banking & Finance. You can reach their website from this link.

Costs:

CSDG examination which held by The London Institute of Banking & Finance cost you around 580GBP. (650EUR)

*for exact and up-to-date cost please refer to above official website.

How to Prepare?

You have to study by yourself to CSDG examination. Once registered a textbook was planning to send out to every candidate by post.

The textbook planning to send out was “Guide to ICC Uniform Rules for Demand Guarantees (URDG 758)” written by Dr. Georges Affaki, Sir Roy Goode.

According to the information provided by the official website textbook dispatched is not valid any more.

Instead the candidates reach online materials from MY LIBF website.

The candidates will be provided with the following learning resources:

  • online access via MyLIBF – www.myLIBF.com to learning materials and to
    KnowledgeBank (virtual library);
  • unit syllabus;
  • study text;
  • specimen paper; and,
  • student-led forum.

Preparation for the examination usually takes six months with comprehensive learning materials provided.

How to Apply?

CSDG examination held by The London Institute of Banking & Finance. You should apply for a CSDG exam from official CSDG website by clicking here.

Examination:

CSDG Exam: Principles and Practices of Demand Guarantees

Learning Objectives:

The lecture focusing on the importance of rules, practices and guidelines for demand guarantees and standby letters of credit. After studying this lecture;

  • You should understand types, definitions, rules and processes of demand guarantees.
  • You will be able understand terminology related to draft, issue and claim on demand guarantees and standby letters of credit.
  • You will be able to identify the roles, obligations and relationship between parties to demand guarantee transactions.
  • You should be able to identify the risks involved in demand guarantee transactions and be able to manage those risks.
  • You should be able to identify the external factors that can affect demand guarantees and standby credits.

CSDG Syllabus

Learning OutcomeAssessment Criteria
Learning Outcome:
Understand the features, life-cycle, rules and parties to demand guarantees and standby letters of credit and how they are applied within international trade finance contexts.		Assessment Criteria:
*Distinguish between the different types of demand guarantees, standby letters of credit and suretyships and the requirements, role of the parties involved and the life-cycle of each.
*Identify the problems, risks, rules and external factors associated with demand guarantees and standby letters of credit and explain the effect these factors have
Learning Outcome:
Be able to manage demand guarantees and standby letters of credit.		Assessment Criteria:
*Apply appropriate rules and trade terms that govern demand guarantees and standby letters of credit to the management of demand guarantees and standby letters of credit.
*Check accuracy of demand guarantee and standby letter of credit documents.

CSDG Certificate Content Outline

Learning OutcomeAssessment Criteria
Learning Outcome:
Understand the features, life-cycle, rules and parties to demand guarantees and standby letters of credit and how they are applied within international trade finance contexts.		Assessment Criteria:
•Demand guarantee definitions
• What is a demand guarantee?
• What is a standby letter of credit?
•Key features of guarantees, suretyships, and standby letters of credit, including:
• What they are
• Documents required
• Comparison with demand guarantees and with each other
•Rules, standards and guidelines that govern demand guarantees and standby letters of credit:
• Scope and application of the rules
• URDG 758
• ISP98 where these rules differ from URDG 758
•Capacity of different types of guarantee and standby letter of credit and when they are used:
• Scope of a guarantee or standby letter of credit
• Advantages to all parties
• Scenarios where one type of guarantee or standby is preferred over another
•Relationship between parties to the demand guarantee (including advantages to each party)
• Instructing party
• Applicant
• Guarantor
• Beneficiary
•Process, life cycle and challenges of a demand guarantee or standby letter of credit
• Draft
• Issue
• Amendments
• Presentation
• Examination
• Payment
• Termination and reduction Including:
• Rejection (including non-complying demand, waiver, notice)
• Transmission and translation
•The ways in which the rules for demand guarantees or standby letters of credit can be affected by external factors and the implications of these effects, including:
• Indemnity for foreign laws and usages
• Governing / national law
• Jurisdiction
• Force majeure
• URDG and other ICC rules
• Courts
•The risks involved in demand guarantees and standby letters of credit:
• Risks and consequences
• Fraud
• Money laundering
Learning Outcome:
Be able to manage demand guarantees and standby letters of credit.		Assessment Criteria:
• Practitioner element, putting theory in to practice.

Exam Centers:

CSDG examinations will take place in the following locations, subject to demand. The London Institute of Banking & Finance reserve the right to withdraw centres.

The London Institute of Banking & Finance may be able to offer other exam venues, subject to demand.

  • Australia (Sydney)
  • Bahrain (Manama)
  • Bangladesh (Dhaka)
  • Belgium (Brussels)
  • Canada (Montreal, Toronto)
  • China (Anhui, Beijing, Chengdu, Changsha, Jinan, Dalian, Guangzhou, Shanghai)
  • Cyprus (Nicosia)
  • Egypt (Cairo)
  • Germany (Frankfurt)
  • Hong Kong
  • India (Bangalore, Chennai, New Delhi, Mumbai)
  • Indonesia (Jakarta)
  • Jordan (Amman)
  • Kenya (Nairobi)
  • Lebanon (Beirut)
  • Malaysia (Kuala Lumpur)
  • Malta (Valletta)
  • Mauritius (Reduit)
  • New Zealand (Auckland)
  • Nigeria (Lagos)
  • Qatar (Doha)
  • Romania (Bucharest)
  • Russia (Moscow)
  • Saudi Arabia (Jeddah, Riyadh)
  • Singapore
  • South Africa (Johannesburg)
  • South Korea (Seoul)
  • Spain (Madrid)
  • Sri Lanka (Colombo)
  • Sweden (Stockholm)
  • Switzerland (Basel)
  • Taiwan, Taipei
  • Thailand (Bangkok)
  • Turkey (Ankara, Istanbul)
  • United Arab Emirates (Dubai, Sharjah)
  • United Kingdom (Birmingham, London, Manchester)
  • United States of America (New York)
  • Vietnam (Ho Chi Minh City)
  • Zambia (Lusaka)
  • Zimbabwe (Harare)

The list of current venues is reviewed regularly and venues may be changed without notice.

Please contact Customer and Student Services on +44 (0)12 2781 8609 or email [email protected] if you would like us to consider setting up a venue that is not on this list.

How to Prepare CDCS Examination?

Ozgur Eker (CDCS) CDCS, Certificates ,
How to Prepare CDCS Examination?

Question 1: This question comes from Siddharth, India.

Please advice where can I get different case studies to prepare for my Apr 2014 CDCS examination, please advice if sample test paper can be brought separately.

Question 2: This question comes from Sunil, India.

I want to do CDCS course, request to please guide me. I am working in an export import documentation department of a company in India to provide logistics services to our clients. Along with logistics services we will prepare export documentation as requested by LC.

Answer 1: You should prepare CDCS examination by yourself. Once you are registered to the examination, exam organizers, The London Institute of Banking & Finance and BAFT, supplies you exam preparation materials. These exam preparation materials can be classified under two groups:

  1. Study Text Book: This is the main study material for the CDCS exam preparation. This book covers all subjects of CDCS examination and it is labeled as “The Guide to Documentary Credits” which is written by Gary Collyer.
  2. Online Material: Once you are registered to the CDCS examination The London Institute of Banking & Finance supplies you a password with which you can reach their online resources. On their website you can find one sample CDCS examination.

Answer 2: I can suggest you Coastline Solutions online courses, despite the fact that these course are not intended for the exam preparation.

The good thing with Coastline Solutions courses is that if you will take them after you have been rewarded with the CDCS certificate, you can earn PDUs, which means that you may not need to enter re-examination after 3 years of certificate expiry date.

Coastline Solutions online training cover below topics:

  • UCP 600 Training
  • ISBP 745 Training
  • URC 522 Training
  • URDG 758 Training
  • ISP98 Training
  • URBPO 750 Online Training
  • Incoterms® 2010 Online training
  • ICC Opinions
  • DC Insight
  • ICC Court of Arbitration

CDCS (Certified Documentary Credit Specialist)

Ozgur Eker (CDCS) CDCS, Certificates ,
CDCS (Certified Documentary Credit Specialist)

What is a CDCS (Certified Documentary Credit Specialist)?

CDCS (Certified Documentary Credit Specialist) is an international title in trade finance.

In order to get the CDCS title, participants must pass an examination which takes around 3 hours. CDCS certificate examination is organised by The London Institute of Banking & Finance.

CDCS ( Certified Documentary Credit Specialist ) is the professional certification which will enable letter of credit practitioners to prove their specialist knowledge and application of the skills required for competent practice in a global scale.

The CDCS certification has been developed in consultation with industry experts to ensure that the certification reflects best practice.

The London Institute of Banking & Finance and BAFT (The Bankers Association for Finance and Trade) jointly developed the CDCS certification programme. CDCS is also endorsed by the International Chamber of Commerce.

It is the only certificate which is approved by ICC on documentary credit field.

The CDCS is the international standard for documentary credit specialists.

Banks prefer CDCS entitled practitioners for their trade departments in order to reduce their own risks by working with professionals who approved their competence from the institution that is creator and governor of the documentary credit rules.

cdcs certificate
Ozgur Eker’s CDCS Certificate from 2009.

Scope of the CDCS Certificate:

  • Documentary credits – an overview, types, characteristics and uses, including standby credits
  • The sales agreement
  • Rules and trade terms, including UCP 600, ISP 98, ISBP 745, Incoterms 2010® and URR 725
  • Parties to documentary credit transactions and their roles and obligations
  • Types and methods of payment / credit used in documentary credit transactions, including the concept of autonomy
  • Types of transport, commercial and financial documents used in documentary credit transactions
  • Risk issues, including types of risks, control and possible mitigations
  • Related products, including letters of indemnity, Air Way Releases and Steamship Guarantees
  • Implications of breaching rules including money laundering and terrorist financing

Eligibility of the Examination:

There are no entry requirements for the CDCS examination. Anyone, who pays the exam fees, can enter the examination.

However please keep in mind that it is not easy to pass the CDCS exam. You should prepare well for the examination.

Examination takes place in English language only.

Time constraint is one of the biggest problems on the examination, especially for the non-native English speakers. As a result, English reading pro-efficiency is a must.

You have to read and understand the questions very fast.

The London Institute of Banking & Finance recommends to the exam participants have a minimum of three years’ documentary credit experience for their own benefit.

Examination Format:

Assessment for CDCS consists of a 3 hour multiple-choice examination, designed to test knowledge and its application to practical situations.

The examination paper consists of 70 multiple-choice questions, 3 in-basket case studies and 3 document checking simulations.

The content of the CDCS examination is based on the results of a job analysis study that identified key responsibilities of a documentary credit practitioner and areas of knowledge and skills required for competent practice.

To earn the professional designation you are required to pass a three-hour examination that is designed to test your knowledge and its application to practical situations.

The examination is based on an English study text.

The examination consists of multiple choice knowledge and application questions as well as sample in-baskets and simulations that test for analysis skills.

Organizers:

  1. USA, Canada and Mexico CDCS examination held by BAFT-IFSA. You can reach their website from this link.
  2. All other countries CDCS examination held by IFS University College. You can reach their website from this link.

Costs:

  • USA, Canada and South America CDCS examination which is held by BAFT-IFSA cost you around 800USD. (2019 fees)
  • All other countries CDCS examination which held by The London Institute of Banking & Finance cost you around 580GBP. (650EUR)

*for exact and up-to-date cost please refer to above official websites.

How to Prepare?

You have to study by yourself to the CDCS examination. Once registered a textbook is sent to every candidate by post.

As of 2014, this text book is “The Guide to Documentary Credits” written by Gary Collyer. This book will be your main textbook.

Also you can enter libf.ac.uk website with your password to reach online materials. Preparation for the examination usually takes six months with comprehensive learning materials provided.

Assessment Criteria:

You can reach CDCS examination learning outcomes and assessment criteria from this link.

CDCS Content Outline

Learning OutcomeSyllabus
Learning Outcome:
1. Understand the main types, characteristics and uses of documentary credits.		Syllabus:
• Understanding of the term documentary credit
• A basic documentary credit transaction (including generic flow
chart of this process)
• Types of documentary credit
• Primary characteristics of documentary credits
• Secondary characteristics of documentary credits:
- Revolving credits
- Instalment
- Advance payments
- Transferable
- Evergreen
- Clean
- Direct pay
• Categorisation of documentary credit by type and characteristic
• Commercial documentary credits
• Standby letters of credit
Learning Outcome:
2. Know the industry rules, standards, guidelines and trade terms that govern the delivery of documentary credit transactions.		Syllabus:
• Incoterms 2010®
• UCP 600 – Uniform Customs and Practice for Documentary
Credits
• ISP98 – International Standby Practices
• URR 725 – Uniform Rules for bank-to-bank reimbursement
under documentary credits
• ICC decision on original documents (Appendix to ICC
publication 645 – ISBP)
• ISBP 681
• eUCP
Learning Outcome:
3. Understand the ways in which documentary credit transaction rules and regulations can be breached and the implications of such breaches.		Syllabus:
• Money Laundering
• Sanctions
• Terrorist Financing
Learning Outcome:
4. Understand the roles and obligations of the parties to documentary credit transactions and the relationships between them.		Syllabus:
• Parties to documentary credits roles and responsibilities:
- Issuing bank
- Beneficiary
- Applicant
- Non-bank issuers
- Confirming bank
- Advising bank
- Negotiating bank
- Paying bank
- Accepting bank
- Reimbursing bank
- Transferring bank
- Nominated bank
- Presenting bank
• Banks roles and obligations:
- Issuing bank
- Confirming bank
- Advising bank
- Negotiating bank
- Paying bank
- Accepting bank
- Reimbursing bank
- Transferring bank
- Nominated bank
- Presenting bank
- Beneficiary
• Relationship of parties in respect of payment of conforming
documents and non-payment of non-conforming documents
• Roles and responsibilities in reimbursement
Learning Outcome:
5. Understand the types and methods of payment and credit used in documentary credit transactions.		Syllabus:
• Types of payment:
- Sight
- Deferred
- Negotiation
- Acceptance
• Transmission of proceeds
• Types of credit
• With and without recourse
• The autonomy of a documentary credit as a payment
mechanism
Learning Outcome:
6. Understand the types of transport, commercial and financial documents used in documentary credit transactions and their requirements under ICC rules.		Syllabus:
• Characteristics, processing and rules that apply to transport
documents:
- Bill of Lading
- Charter Party Bill of Lading
- Non-negotiable Seaway Bill
- Multimodal Transport Document
- Air Transport Document
- Road, Rail or Inland Waterway Transport Document
- Forwarder’s Cargo receipt, Mate’s Receipt and
Consolidator’s Receipt
- Post Receipt or Certificate of Posting
- Courier or Expedited Delivery Service Document
• Financial and Commercial documents:
- Draft / bill of exchange
- Commercial Invoice
- Insurance Document
- Weight Certificate
- Certificate of Origin
- Packing Lists
- Inspection Certificate
• Documents for official purposes and checking mechanisms
Learning Outcome:
7. Understand the processes and challenges involved in documentary credit transactions.		Syllabus:
• Processes and activities associated with:
- Sales agreement / contract of sale
- Issue
- Pre-advise
- Advise
- Confirm
- Amend
- Transfer
- Present
- Examine
- Pay / Reject
- Claim
- Reimburse Funds
- Cancel
• Presentation, Examination and Settlement / Rejection
• Identifying and handling discrepant documents
Syllabus
• Electronic presentations
• Problems that can arise during the documentary credit
transaction process
Learning Outcome:
8. Understand and manage the risks involved in documentary credit transactions.		Syllabus:
• Types of Risk
- Operational / UCP 600
- Credit
- Foreign Exchange
- Fraud
- Legal
- Political
• Other risks / considerations
- Money Laundering
- Sanctions
- Terrorist Financing
- Credit Risk Assessment / Management
• Risks to the parties to documentary credits:
- applicant
- issuing bank
- beneficiary
- advising bank
- nominated bank
- confirming bank
- reimbursing bank
• How risks can be controlled
Learning Outcome:
9. Understand the related products used in documentary credit transactions.		Syllabus:
• Letter of Indemnity
• Air Way Release
• Steamship Guarantee
• Assignment of Proceeds
• Participation and Syndication
• Refinance Credits
• Reimbursement undertaking
Learning Outcome:
10. Be able to manage the transport, commercial and financial documents used in documentary credit transactions.		Syllabus:
• Apply and analyse the transport, commercial and financial
documents used in documentary credit transactions in order to
recommend appropriate courses of action and manage
documentary credit transactions.

How to Apply?

  • USA, Canada and Mexico CDCS examination held by BAFT. You should apply for a cdcs certificate exam from their official website from this link.
  • All other countries CDCS examination held by The London Institute of Banking & Finance. You should apply for a cdcs certificate exam from their official website from this link.

The Certificate of Finance in International Trade Cofit

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The Certificate of Finance in International Trade Cofit

Published on 01.January.2015 – Participants of this certificate programme should attend a four week long course at Malta University.

In 2015, two course sessions have been scheduled:

  • winter certificate session between 16 to 28 February 2015 and summer certificate session between 1 to 13 June 2015.

Participants must attend both sessions at Malta University in order to complete the certificate programme.

The Certificate of Finance in International Trade

The Certificate of Finance in International Trade has been jointly developed by the University of Malta, International Factors Group (IFG) and FIM Bank Plc in order to meet the demands of the commercial world and offer a platform from which participants can increase their understanding of all aspects of International Trade, Import/Export Business, Logistics and Finance of International Trade.

The main objective of the programme is to deliver a competitive, industry-focused educational programme that will provide the tools needed to achieve professional development goals in the finance of international trade.

The emphasis throughout will be on the practical aspect of real life international trade scenarios.

Benefits for the Participant

  • COFIT offers a unique learning experience in a truly international environment.
  • Successful students receive a University Certificate with 30 ECTS
  • It is the only university program focused on all aspects of Finance of International Trade
  • COFIT will help you understanding the interaction between different forms of finance available in international trade
  • It will provide you a core of essential knowledge to help build your career in International Trade
  • COFIT is hard work, but will also give you a network of new friends from all over the world

Programme Syllabus

The programme is built around 4 residential modules of 1 week each.

Module 1: “The Global Environment for International Trade”

  • Lecturers: Academics from the University of Malta
  • Topics will include: Introduction; Documentary Collections, Interpretation of Accounting Statements, International Trade Overview, Comparative Advantage and Ricardian Model, The Political Economy of Trade Policy / Developing Countries, Interpretation of Economic Statistics.

Module 2: “Products and Practical Applications of Trade Finance”

  • Lecturers: Experienced Practitioners from FIMBank
  • Topics will include: Financial Instruments supporting Trade finance, Trade Based Money Laundering and Financial Crime, Structured Commodity Finance, The Risks and Challenges of International Trade and Forfaiting.

Module 3: “Tools and Techniques for International Trade Finance”

  • Lecturers: Academics from the University of Malta
  • Topics will include: International Business Financing, Aspects of International Marketing for the Banking Industry, Developing Countries: Growth, Crises and Reform,International Business Financing, Islamic Finance and Emerging Markets.

Module 4: “Commercial Finance”

  • Lecturers: Experienced practitioners from IFG
  • Topics will include: Introduction to the different forms of Commercial Finance (Factoring, Invoice Discounting, Asset Based Lending, Reverse Factoring, Supply Chain Finance), Foundation skills in Marketing, Sales and Account Management in Commercial Finance, Risk Management, Fraud prevention, Legal Aspects in Commercial Finance.

For more information please download Cofit 2015 brochure from here.

CDCS 2015 Examination Date

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2015 cdcs examination date

2015 CDCS Examination Date Announcement

  • April 2015 exam: (Registration closes 31 January 2015) 2015 CDCS examination will take place 10 April 2015 (please note: students sitting examinations in China, Hong Kong, Indonesia and South Korea will be examined in 11 April 2015).
  • October 2015 exam – opens mid-February to August 2015

CDCS Examination Details:

  • What is CDCS? (Certified Documentary Credit Specialist) CDCS (Certified Documentary Credit Specialist) is an international title in trade finance. You have to pass an examination which takes around 3 hours. CDCS certificate examination is organised by The London Institute of Banking & Finance. You can learn more about basics of CDCS from this link.
  • What Topics Do the CDCS Certificate Cover? Documentary credits – an overview, types, characteristics and uses, including standby credits, the sales agreement, rules and trade terms, including UCP 600, ISP 98, ISBP 745, Incoterms 2010 and URR 725, parties to documentary credit transactions and their roles and obligations, types and methods of payment / credit used in documentary credit transactions, including the concept of autonomy, types of transport, commercial and financial documents used in documentary credit transactions, risk issues, including types of risks, control and possible mitigation, related products, including letters of indemnity, air way releases and steamship guarantees, implications of breaching rules including money laundering and terrorist financing. You can learn more about CDCS certification details from this link.
  • What is the Exam Content? Certified Documentary Credit Specialist (CDCS) is a title in international trade finance. You have to pass a written examination that takes three hours in order to be qualified as a CDCS. You can learn more about CDCS exam contents from this link.
  • How to prepare a CDCS examination? You are expected to study CDCS examination by yourself. Preparation for the CDCS examination usually takes six months. You can learn more about CDCS exam preparation from this link.

CDCS® is examined in over 30 countries each year with examinations given in paper format at designated international centers.

Figure 1 : International CDCS Examination Venue List (excluding USA and South America)

International CDCS examination venue list (excluding USA and South America)