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 Financial Intelligence Units (FIUs) about possible criminal activities. Unity’s Unified Reporting System (URS) makes the UAE GoAML reporting system even easier!
Fully web-based GoAML reporting solution with intuitive UI
Optional alerting and notification engine
Optional status updates of the reported transaction/activity
Inbuilt adaptors to integrate with downstream systems to collate required input data
Integrated workflow engine to meet the banks’ verification process before reporting to FIU GoAML
Integration into the current and potentially future compliance scenario including B2B option
UAE GoAML is the new anti-money laundering platform that 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 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 the 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.