Automate Suspicious Activity Reports for goAML
ACTICO FIU Reporting facilitates the submission of suspected money laundering reports to the Financial Intelligence Unit (FIU)
FIU MONEY LAUNDERING NOTIFICATIONS
A direct line to goAML: ACTICO FIU reporting on incidents of suspected money laundering
GoAML is a software system for Financial Intelligence Units to counter terrorist financing and money laundering. It’s already (or soon will be) in use in over 70 countries worldwide. Many FIUs have introduced a registration requirement, which obliges relevant parties to report money laundering incidents electronically.
The ACTICO FIU Reporting Solution allows money laundering officers to generate the data directly in ACTICO Compliance Solutions, then upload the XML file to the FIU. Having a direct link to the goAML web application is the key to success: efficient work, a high degree of automation and security thanks to the latest software.
Look at all the advantages the FIU Reporting Solution offers AML officers:
- Reports on suspicions activities pertaining to individuals and legal entities
- Auto-imports data directly from the ACTICO Anti-Money Laundering Solution
- Presents all reports clearly with sorting and filtering functions
- Offers a convenient operation and a modern user interface
- Generates XML file exports for uploading to the goAML reporting portal
- Provides historical context for all XML and PDF files
Contact us for more detailed information
Key Features
How money laundering officers automate their Suspicious Activity Reports (SAR)
Directly generate FIU reports
Direct access to ACTICO-FIU reports via the ACTICO Compliance Solution package makes life much easier for money laundering officers. They can enter data, gain an overview of the status and generate XML and PDF files. Uploading is still done manually at this point.
Auto-fill relevant data
The parties obliged to provide such reports have to make them as detailed as possible. ACTICO makes this easier by auto-filling the relevant data into its FIU Reporting solution. Even so, the following rule of thumb normally applies: the better and more comprehensive the information, the easier it is for the FIU to assess the case.
Entering data manually or uploading XML files
There are two options: AML officers can use the goAML web form to manually submit information on the facts and transactions, i.e. details of the persons, organisations and accounts involved. Alternatively, the relevant data can be submitted via XML upload.
Detecting Suspicious Activity Reports (SARs)
This is the report used under circumstances where no transactions are involved and the scope covers individuals, accounts and companies. The ACTICO FIU Reporting solution automatically calculates whether an SAR or STR (Suspicious Transaction Report) is needed.
Detecting Suspicious Transaction Reports (STRs)
STR reports always contain at least one transaction and reports in this category always include details of the relevant persons and accounts.This eliminates the need for a separate SAR report.
Creating SARs und STRs
Compliance officers can generate an SAR or STR report on demand for individuals and legal entities directly within the Compliance Solution package.
Exporting XML files
Once generated, reports can be exported as XML files and uploaded to the FIU. And if any amendments are required down the line, the data can be resent via XML.
Flexibly meeting FIU requirements
Users can tailor the FIU Reporting solution flexibly to meet FIU needs. When an optional field becomes mandatory, for example, the package is easily and instantly configurable to reflect this change.
Guaranteed traceability
Alongside the XML file, the software also generates a PDF file which includes the data used in the XML in a clear and at-a-glance format.
Direct Connection to ACTICO AML Solution
Automated FIU reporting is the ideal complement to your ACTICO anti-money laundering software.
THE FUTURE OF ANTI-MONEY LAUNDERING
The latest approach to help you comply with FIU reporting requirements
goAML is software developed by UNODC (United Nations Office on Drugs and Crime) and already in use worldwide. It is designed to assist FIUs in the fight against money laundering and terrorist financing (AML/CFT). It allows banks and insurers to submit suspicious activity reports electronically and communicate directly with the FIU.
All companies designated as obligated parties under the German Money Laundering Act (GwG) had to register with “goAML Web” by 1 January 2024. Exemptions for some traders will apply until 2027. In Switzerland, the Money Laundering Reporting Office Switzerland (MROS) has been using goAML to receive and process suspicious activity reports since 1 January 2020, while the FIU has been tasked with this work in Liechtenstein.
ADVANTAGES
Automating money laundering prevention
Leveraging data consistency
After the ACTICO Compliance Solutions package has automatically checked for any anomaly linked to any individual or transaction, the compliance team investigates the incident. If any suspicion of money laundering arises, the FIU Reporting Solution transfers the data to the report form, seamlessly and with minimal effort.
Tapping into experience
ACTICO compliance software is a go-to solution for many established banks, financial service providers and insurers. Thanks to many years of project experience and scope to harness the latest technology, no-one is better-placed than ACTICO to help the financial world successfully keep pace with ever-changing regulatory requirements.
A more refined look & feel
The compliance team gets access to reports via a modern interface and scope to view, filter and sort details by status. This makes amending or further processing reports a breeze.
FIU Reporting is one of the most convenient features in the ACTICO Compliance Solution package, accessible directly as part of the Anti-Money Laundering solution.
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