The goAML application is used by the Financial Intelligence Unit (FIU) to gather intelligence based on the suspicions of reporting entities to assist them in combatting money laundering and the financing of terrorism. Most do not realise that the system is not specific to the New Zealand FIU - and once you understand this, some of the ‘quirks’ of the platform make a little more sense.
The goAML application was developed by the Organisation for Economic and Co-operation Development (OECD) as a strategic response to financial crime, in partnership with the UNODC Global Programme Against Money Laundering Proceeds of Crime and the Financing of terrorism (GPML). goAML has been specifically designed to meet the data collection, management, analytical, document management, workflow and statistical needs of any financial intelligence unit. Currently 56 of the 111 FIUs engaged with the OECD have deployed goAML.
Therefore, goAML acts as a central repository to establish a database of reports on suspicious financial activities and transactions across the spectrum of financial institutions and gate keeper reporting entities.
There are three primary solutions housed within the goAML system to support members efforts to combat financial crime both in their own jurisdictions, across borders and internationally:
Collection: data is submitted by FIUs;
Analysis: rule-based analysis, risk-score, and profiling are performed byIU analysts;
Data Exchange: the exchange of data is:
a) between the FIU and the intelligence agencies or juridical authorities (within the framework of the national coordination) and b) between the FIU and regional institutions (eg. through FIU.net) and international ones (eg. Egmont Secure web).
Effective information sharing is one of the cornerstones of a well-functioning anti-money laundering and counter-terrorist financing (AML/CFT) framework. A key focus for the Financial Action Task Force (FATF) is to continue to develop best practices aimed at facilitating information sharing between the public and private sectors, and within the private sector, and its work on issues related to information sharing among public authorities—both domestically and internationally.
Key Benefits of goAML
designed as a modular system that fits the need of any FIU irrespective of size and is well suited to both low and high volume environments;
an integrated system that can replace several disparate solutions;
as a standardised product, it provides a comprehensive IT solution at a fraction of the cost of developing a one-off site-based solution;
provides a standard and uniform Anti-Money Laundering platform to fight money laundering and terrorist financing;
helps reduce the learning curve of new users with its standard graphical user interface.
Reporting entities should be familiar with goAML by now, as each has an obligation to have registered with the platform. It is far from a badge of honour to have not filed a suspicion to date with the FIU.
There are a few top tips below that can help you to use the system accurately, assisting both the team at the FIU and limiting the amount of filings you have rejected.