goAML is in use by a great number of countries, serving as an integrated database and intelligent analysis system intended to be used by FIUs (Financial Intelligence Units) worldwide. An FIU is responsible for receiving, analysing and processing reports provided by financial institutions or individuals referred to in the national anti-money laundering legislation.
Financial Instituions may report their AML reports in-line with the national legislations to the national FIU in an XML specific format supported by goAML. A report file prepared for submission to the FIU may contain one or more of the following supported report types:
- SAR: Suspicious Activity Report (SAR - no transactions included);
- STR: Suspicious Transaction Report (STR - transactions included);
- AIF- A: Additional Information File - SAR (can be used to submit additional information related to a previously submitted SAR);
- AIF-T: Additional Information File - STR (can be used to submit additional information related to a previously submitted STR)
The AML Unit of Financial Institutions is expected to perform extensive analysis, due diligence and investigation prior to preparing the submission of a goAML report to the FIU.
Our Solution to goAML serves multiple purposes:
- Assists in the investigation and collection of information by automating access found in disperse systems within the Institution;
- Handles all the technical issues associated with the preparation of the XML report;
- Provides a database where all previously prepared reports as well as currently investigated cases are maintained in a safe and encrypted manner