The Rise of goAML: Part 1
The global fight against financial crime
When it comes to laundering money or moving funds to finance terrorism, criminals aren’t particular about the countries they funnel cash through. Any opportunity to move illicit funds will be found and the failure in controls exploited.
Recognizing that money laundering and the financing of terrorism are not isolated to any specific country or region and are crimes that represent a significant risk to the security and stability of financial institutions and systems, the United Nations Office on Drugs and Crime (UNODC) has taken steps to combat these crimes at a global level. The result? The goAML intelligence analysis system.
Partially funded by the European Commission, goAML is an application intended for use by Financial Intelligence Units (FIUs) that was jointly developed by the UNODC’s Enterprise Application Center Vienna (EAC-VN) and its Global Programme Against Money Laundering. The goAML solution lets FIUs, regulatory reporting entities and intelligence authorities to quickly, securely and confidentially share information.
goAML sweeping the globe
The goAML solution is being increasingly adopted by countries worldwide, with 50 FIUs already using the solution. For banks, money services businesses, gaming establishments and other types of financial institutions, this means that the suspicious activity reports (SARs), suspicious transaction reports (STRs), currency transaction reports (CTRs) and other reports they are required to file with regulators will then be subject to more rigorous screening through the goAML platform.
Financial institutions reporting to regulators that submit information to an FIU using goAML will be held to more stringent standards for data quality. FIUs and regulators will not accept responsibility for data quality issues, and will therefore put more pressure on those submitting reports to ensure that the information included is as accurate as possible.
To ensure that your financial institution is up to speed on goAML is not spending additional time and effort after reports have been submitted, this three-part blog series will provide an overview of the goAML platform so you can know exactly how it functions, helping you determine which processes your organization should also adopt. This will put you one step ahead of regulators—and will help you avoid fines and penalties for submitting erroneous reports.
How it works
The goAML solution is executed in three steps: collection, analysis (rule-based analysis, risk-score and profiling) and dissemination (escalate to law enforcement and seek feedback). It provides a facility for the rapid exchange of information between the FIU, financial institutions law enforcement and judicial authorities, while ensuring confidentiality of the data collected. The goAML software is designed as a modular system to fit the needs of any FIU irrespective of size.
Stay tuned to our blog for the second part in our goAML series, where we'll highlight why many FIUs are adopting the platform by discussing its key features.
About Anu Sood:
Anu Sood is the Director of Product and Corporate Marketing at CaseWare Analytics and is responsible for the company’s global marketing strategy. Prior to CaseWare Analytics, Anu worked in various roles in the high-tech industry and her accomplishments range from writing software for telephone switches to launching a new global satellite communication service. Anu has extensive experience in strategic marketing, corporate communications, demand generation, content marketing, product management, product marketing and technology development.
Connect: Anu Sood