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The Promise of goAML for the Global Financial Community

 

Fighting financial crimes such as money laundering and terrorist financing is a never-ending battle due to the persistent evolution of activity and channels criminals use to commit crimes. In response, the United Nations Office on Drugs and Crime (UNODC) has developed a standard software solution called goAML.

The goAML solution is a system that acts as a standard AML platform for Financial Intelligence Units (FIUs). It encourages all countries to form their own FIUs to serve as a national center to receive and analyze suspicious transaction reports (STRs) and financial data in order to detect, identify and block money laundering channels and terrorist financing.   The following capabilities make up the goAML platform:

  • Data collection and clean up
  • Ad hoc inquiries with data matching module
  • Reports
  • Structured analysis (strategic and tactical)
  • Profiling and rules based analysis
  • Workflow system
  • Task assignment and tracking
  • Document management
  • Intelligence file management
  • Integration and/or data acquisition
  • Charting and diagraming
  • Intelligence report writer

Along with these features, goAML is accompanied by a web application that provides secure web-based communication between the FIU and its reporting institutions, and allows reports to be completed, submitted and attached via secure email. Currently goAML is being used or evaluated by an estimated 50 nations, including Mexico, New Zealand, Ireland, Luxembourg, Nepal, and other countries across the Caribbean, Europe, Africa and Asia.

With this increasing adoption of goAML, having an advanced technology solution to automate goAML reporting is needed to help compliance teams satisfy financial regulators while reducing workloads and costs. The CaseWare AML Compliance solution now supports goAML reporting, helping users meet goAML filing requirements for multiple jurisdictions worldwide.

CaseWare AML Compliance automatically identifies and populates regulatory reports from its data analytics engine, validates content and manages report submissions using its flexible workflow and case management capabilities. Our automated goAML regulatory reporting feature improves efficiency, accuracy, consistency and traceability of any filings.

To learn how the CaseWare AML Compliance solution can help your bank, money services business (MSB), gaming establishment or other financial institution fulfill its AML compliance requirements, watch the recording of our recent webinar detailing the newest features in the solution, including goAML reporting.

 

About Anu Sood 

Anu Sood (LinkedIn | Twitter) is the Director Marketing at CaseWare RCM and is responsible for the company’s global marketing strategy. She has over 20 years of experience in product development, product management, product marketing, corporate communications, demand generation, content marketing and strategic marketing in high-tech industries.