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 reporting system helps banks and other financial institutions in the UAE to enforce Anti-Money Laundering by reporting suspicious customer transactions or activities to the Central Bank of UAE (FIU GoAML).
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 software. 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 UAE GoAML reporting system even easier!
URS is a well visualized fully equipped application integrated with the CBUAE GoAML application to meet any current and future compliance needs. URS’ new module is a highly user friendly Anti-Money Laundering reporting system that simplifies suspicious transaction-reporting to the Central Banks’ GoAML reporting portal in UAE. URS enables financial institutions to report any number of suspicious activities and transactions to the UAE GoAML reporting solution, by compiling all transaction details into the prescribed XML format.
What makes URS unique at AML reporting?
- Fully web-based GoAML reporting 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 FIU 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 UAE GoAML reporting portal).
- Flexible reporting capabilities to cater to bank’s internal and external needs.suspicious activities
Simplify your reporting to goAML with URS!
URS – A highly user-friendly UAE GoAML reporting system
UAE GoAML is the new anti-money laundering platform was released by UAE’s FIU (Financial Intelligence Unit) and is created by United Nations Office on Drugs and Crime (UNODC) to control organised financial crimes.
GoAML reporting system is a fully unified Anti-Money Laundering System UAE developed for use by UAE’s FIU. It is being considered as one of the UNODC’s tactical responses to financial crime, such as money laundering and terrorist financing. GoAML reporting portal UAE can be used for data collection, document management and analysis and will be used by banks, finance firms and law enforcement companies such as police and selected non-financial businesses and professions. GoAML application is precisely customized to aid GoAML FIU meet requirements of UAE’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework and other illicit financial actions like ATM compliance reporting, POS compliance reporting and SWIFT compliance reporting. goAML software will facilitate the receipt, scrutiny and distribution of suspicious transactions and activity intelligences. Over 900 entities consisting of banks, insurance companies and money exchange centres are needed to register on GoAML reporting solution. This new GoAML reporting system ensures that UAE financial system remains operative in fight against money laundering and terrorist financing
URS is a well visualized fully equipped application integrated with the CBUAE GoAML application to meet any current and future compliance needs. URS’ new module is a highly user friendly Anti-Money Laundering reporting system that simplifies suspicious transaction-reporting to the Central Banks’ GoAML reporting portal in UAE. URS enables financial institutions to report any number of suspicious activities and transactions to the UAE GoAML reporting solution, by compiling all transaction details into the prescribed XML format.Read More