We are all aware just how the world has changed in recent times, becoming even more uncertain with companies struggling to streamline their operations to meet the “new normal”.
When it comes to money laundering and terrorist financing, there has never been a bigger push to find solutions to assist companies to detect suspicious behaviour quickly and efficiently.
As part of these efforts to modernise international approaches, Financial Intelligence Units (FIU) are choosing goAML as the standard for providing consistent and insightful intelligence to the respective authorities.
With the introduction of goAML, FIUs are starting to adopt a single, standardised reporting platform which enables stakeholders to share information on suspicious transactions in a structured manner.
The goAML System
The goAML system helps users to manage processes and analyse reports about suspicious transactions, financial transactions of any type, and list or alert based reports. The goAML system is a fully automated data collection and dissemination solution.
Highly sophisticated reporting capabilities assist analysis and investigation teams to attain the information they need quickly and efficiently. It can analyse and visualise large volumes of data, helping researchers and investigators to understand complex patterns of transactions and develop tactical and strategic intelligence.
With the goAML system, teams can monitor suspicious accounts and risky behaviour, helping to keep one step ahead of any potential threats.
Choose A Standalone or Integrated goAML Module
ComplyRadar has developed a goAML conversion module, to cater to the goAML XML requirements. The module which can be delivered as a standalone tool or fully integrated into our Case Management module.
The standalone version includes an easy-to-use Excel template and can export data in line with the FIU XML scheme once populated by the user with all the relevant transaction information.
The integrated version is automatically populated from data coming through the ComplyRadar Case Management module. This solution will not only save you time, but it will also save your allocation of resources which can be used elsewhere.
The key part of this solution is its user friendly design. Users find it easy to use and can quickly implement it without too much disruption to their current activities. The UI and rule designer bears testament to its simplicity, and can be combined with third-party data services such as PEP screening tools and electronic identity verification. Additionally, the sandbox testing environment allows users to test detection rules and results before deploying to live websites, thus ensuring the accuracy and efficiency of the system.
While the advantages of ComplyRadar are endless, another key point to highlight is the way it gathers all your compliance information, investigation, audits of events, and case history on a single platform. With the benefit of a unified point of reference, your staff can safely share case data and collaborate on investigations with external partners.
STR – A Suspicious Transaction Report would be generated should there be a transaction deemed to be suspicious in behaviour.
SAR – A Suspicious Activity Report would be generated when a subject person identifies a trend of activities that might not in themselves be considered reportable, but in a whole generate suspicion.
TFR – With a rise in Terrorism across the globe, a Terrorism Financing Report would be generated when there is a clear suspicion of terrorist financing.
PEPR – A Politically Exposed Person Report would be generated when there is a clear suspicion of a politically exposed person involved in the transaction.
RFI’s – Request for information – whereas the FIAU can request all personal and transactional information an organisation may hold on a particular individual and/or organisation.
Get In Touch With Us Today
Let us provide you with a demonstration of our solution and put an action plan in place to start saving you time and energy while adding value to your business. Contact us to book your free demo of ComplyRadar.