What is Unified Reporting System (URS)?
UAE is one of the first member countries in the GCC to implement GoAML from UNODC (United Nations) to monitor money laundering, terrorist financing activities and other financial crimes. GoAML system helps banks and other financial institutions in the UAE to report suspicious customer transactions or activities to the Central Bank of UAE (FIU).
Money laundering and the terrorist financing are global problems that threaten the security and stability of financial institutions and systems around the world. Financial Intelligence Units (FIUs) around the world, play a vital role in combating money laundering and terrorist financing activities. FIUs are responsible for collecting and analysing reports made by financial institutions in accordance with the requirements of domestic AML/CTF laws and regulations. These reports gathered by FIUs (CBUAE) act as the basis for conducting investigations into money laundering, terrorist financing, and other serious offences.
The Central Bank has made it mandatory for all financial institutions in the UAE to report suspicious activities directly through its GoAML system. By reporting potential suspicious activity via suspicious transaction reports (STRs) and suspicious activity reports (SARs), financial institutions can alert FIU about possible criminal activities. Unity’s Unified Reporting System (URS) makes the reporting even easier!
URS is a well visualised fully equipped application integrated with the CBUAE GoAML system to meet any current and future compliance needs. URS’ new module is a highly user friendly AML reporting system that simplifies suspicious transaction-reporting to the Central Banks’ GoAML platform. URS enables financial institutions to report any number of suspicious activities and transactions to the GoAML system, by compiling all transaction details into the prescribed XML format.
What makes URS unique at AML reporting?
- Fully web-based solution with intuitive UI, necessary inbuilt validations and drop down values.
- Manual entry/auto population of default values possible.
- Inbuilt adaptors to integrate with downstream system(s) to collate required input data.
- Integrated workflow engine to meet banks verification process before reporting to GoAML.
- Optional alerting and notification engine.
- Option for status updates of the reported transaction/activity.
- User can retrieve customer transaction details or activity details submitted to GoAML anytime based on FIU reference.
- Automatic generation of STR/SAR in XML format as prescribed by the Central Bank of UAE.
- Ability to integrate into the current and potentially future compliance scenario including the B2B option (for real-time integration with GoAML).
- Flexible reporting capabilities to cater to bank’s internal and external needs.suspicious activities