Platform news: RelyComply adds goAML feature for advanced fincrime reporting

goAML

We are pleased to announce the latest addition to our platform, goAML,  the standard software application tool to support reporting capabilities for Financial Intelligence Units’ (FIU) anti-money laundering (AML) and countering terrorist financing (CFT) measures.

With more than 60 member states worldwide using goAML – and counting! – we’re excited to join the global community in strengthening the investigation and raising of suspicious money movements to relevant local authorities.

What is goAML?

goAML is an application developed and maintained by the United Nations Office on Drugs and Crime’s (UNODC) Software Products for Member States, which looks to provide innovative, evidence-based models and solutions to counter corruption and transnational organised crime while allowing member states to maintain compliance. 

As part of UNODC’s overall goPortfolio suite, goAML is designed to integrate with existing systems for compliance investigations to receive, process, and analyse reports. Under strict scrutiny from domestic AML laws and regulations, goAML helps FIUs address their data collection, analytical, document management, workflow and statistical needs to submit thorough risk reports to regulators.

goAML explicitly outlines how reported data should be structured and presented (in an XML format), marking a standardised AML practice for many jurisdictions worldwide. 

RelyComply + goAML

goaml and STR workflow for an end-to-end AML platform

With the UN introducing a standardised way to compile and submit accurate STRs, this software marks a breakthrough in collaborative attempts to impact member states’ AML procedures significantly. 

We’re excited to roll out goAML and provide our platform users a more streamlined way to complete their transaction reporting measures. If you’d like to know more, don’t hesitate to contact our expert team today!

The RelyComply platform workflow already exists to help firms flag anomalous transactions to raise concerns for further compliance investigation – this marks the basis for compiling a Suspicious Transaction Report (STR) to submit to authorities. 

This type of report is supported by goAML, which, after the RelyComply system has automated as much data aggregation as possible, will assist users to generate and submit their reports directly from the platform to the Financial Intelligence Centre (FIC) via their own goAML portal in the correct XML format.  

Shortly, we see the RelyComply STR workflow simplified by integrating goAML’s standardisation feature into our end-to-end AML solution, as follows:

  • RelyComply’s transaction monitoring capabilities can screen and flag any suspicious activities, creating a case to be analysed by the compliance team.
  • If the transaction has been confirmed as dubious and reviewed by a colleague (in the workflow), the company is now responsible for reporting this to the FIC.
  • The user can quickly generate an STR with the click of a button with goAML, which will present a form pre-populated with the correct available data.
  • The user can fill in any missing data gaps, and the system can validate if the correct fields have been filled in. If necessary, this can be escalated for further review according to a company’s system workflow.
  • Once the report is compiled and ready, users can submit the data to the FIC’s goAML portal. 

More news and resources

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Streamline your Customer Onboarding: Navigating KYC and CDD using Innovative Technology