The Rise of goAML: Part 2
As we discussed last week in the first of this three-part blog series, a number of Financial Intelligence Units (FIUs) around the world have adopted the goAML platform--and many more are evaluating it as their intelligence analysis system of choice. There are a number of factors determining each FIU's decision to select this solution to collect anti-money laundering (AML) information from regulatory bodies. To support the collection of suspicious activity reports (SARs), suspicious transaction reports (STRs), currency transaction reports (CTRs) and other types of regulatory reports, goAML offers a range of features that are intended to effectively support the submission, verification and analysis of reports submitted through the solution. Fourteen features are currently included. Here is a summary of those key features, which are swaying many FIUs to implement the platform.
1. Data Collection
This component of the goAML solution allows reporting entities to submit regulatory reports and other information offline (i.e., through XML data exchange such as email attachment, CD, HD, etc.), online (through direct upload of XML data messages), or by filing and submitting online forms through the FIU’s secure website. Of particular note is that this feature allows for the reporting of multi-party transactions, which is useful for organizations that deal in high-value goods and often report single-sided transactions, despite there being several parties to the transaction.
2. Data Evaluation and Clean Up
This feature of goAML occurs in a ‘staging area’ outside the main system environment and automatically reviews the data it receives to verify it is both accurate and complete. If the system determines that the submitted data is complete and accurate is it pushed through to the main database. If not, it is sent back for correction to the entity that reported it.
3. Ad Hoc Queries and Matching
With the goAML solution, users can make ad hoc queries, allowing them to find information on a range of criteria (such as name, address, country, account number, full text search, etc.). Upon submitting a query, goAML presents a list of entities that match the search and—where they exist—links them.
In terms of matching, goAML has an importer that inputs external data in any format on people, entities and accounts and matches that information against the FIU’s database. This process can be either scheduled or be scheduled as a regular task.
4. Statistical Reporting on Information/Reports Received and Processed
Statistical reports can be auto-generated and ad hoc statistics obtained from the system by goAML. This capability helps complete reports on any of the activity that happens in the solution. Compliance-related reports can be prepared that include the types, numbers and values of reports collected by an FIU, and can also identify the organization that completed the report by name, address and type. FIUs are also able to report on and analyze their own activities as needed. This functionality helps FIUs identify financial institutions that have missed their deadline for submitting reports or that have failed to report their side of a transaction that has been reported by another institution.
5. Structured Analysis at Both Tactical and Strategic Levels
With this feature, in-depth analysis can be performed on information contained in reports and any data stored in the database. Trends and patterns of an individual’s financial transactions, account activity and movement of money can be analyzed. Using information in the database, tactical and more general strategic analysis can be performed on specific targets. Options for strategic analysis includes analysis pivoting on occupation and business type, account activity, signatories, primary account holder, top players, time lines, etc.
6. Profiling Tool
The goAML platform stores profiling data, with profiling scheduled to run only before any new data is distributed, ensuring that the new data is compared with the saved profile data before it influences it so that exception reporting is more accurate. To help identify profile trends, profile data is appended to structured tables along with a date time stamp. Profiling in goAML works based on occupation and business type, persons, entities, geographical area, etc.
7. Rules-Based Analysis
This feature offers fully customizable rules-based analysis, including rules that have dynamic risk scores. Data is continuously monitored to determine whether any reported transactions fall into certain patterns, and analysts are alerted if a pattern changes or an exception is detected.
8. Workflow Management System
The workflow management system moves work items through a series of sequenced steps to help FIUs effectively manage information. This includes receiving and processing reports, analysis function, and management of feedback and dissemination processes.
9. Task Assignment and Tracking
The goAML solution offers the ability for managers to assign, reassign or remove tasks, within either ad hoc or predetermined timeframes. Tasks can be monitored to ensure progress is being made and that appropriate actions are being completed. When a task is due or overdue, the system sends an alert to staff.
10. Document Management with Full Text Search Capability
Document management in goAML lets documents be captured via e-transfer or scanning and optical recognition, then be filed based on a range of characteristics. Documents can be retrieved through text search functionality.
11. Intelligence File Development and Management System
After an analyst has gathered the initial information and determined that a report, further analysis or escalation is warranted, this component creates and then manages an intelligence file. Any analytical work that follows is completed within this file. After analysis is finished and the case is to be escalated, a case file is generated for sharing with end user agencies.
12. Data Acquisition/Integration from External Sources
This component is responsible for collecting and storing external data in a predefined format. Data can be accessed, queried and retrieved from external databases electronically, so long as such databases exist and there are rules in place regarding the sharing of information. If it’s not possible to allow electronic access to data, the solution can use preformatted templates to create requests for transmission to external agencies via mail, fax or email.
13. Integrated Charting and Diagramming
With goAML, users can create visualizations, including of transactional link analysis, automated link analysis using addresses, phone number, company board membership, etc. Charts can be built manually for individual cases by using the available diagram options and icons.
14. Intelligence Report Writer
Representing the final stage in goAML’s analytical process, the intelligence report writer acts as a template and process for FIUs to complete and disseminate their final intelligence packages to their end user agencies. Supplementary information such as charts and documents can be attached to the report as needed.
Stay tuned for the third and final part of this blog series, where we will discuss the implications the adoption of goAML has for financial institutions and other organizations required to submit SARs, CTRs and other reports to regulators.
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