Navigating the complexities of anti-money laundering (AML) compliance can be challenging, especially for institutions required to report suspicious activities through platforms like goAML, the global standard developed by the UNODC.
Not all compliance officers are familiar with the term goAML. Even fewer have taken the time to delve into its intricacies and understand its full potential.
In this blog, we aim to bridge that gap by exploring what makes goAML a vital tool in the fight against financial crime, its key features, and how it supports compliance efforts worldwide.
What is goAML?
goAML (go Anti-Money Laundering) was created by the United Nations Office on Drugs and Crime (UNODC) through its Information Technology Service (ITS) and essentially serves as a software solution developed specifically for use by Financial Intelligence Units (FIU’s). It was developed in collaboration with the Global Programme Against Money Laundering, Proceeds of Crime and the Financing of Terrorism (GPML).
The system was first launched in 2006 as part of UNODC’s broader efforts to provide FIUs worldwide with operational tools to combat money laundering, terrorist financing and other financial crimes.
goAML was developed as part of UNODC’s efforts to assist Member States in combating money laundering, terrorist financing and other forms of financial crime. UNODC has a mandate to strengthen AML/CFT initiatives.
Designed as a global standard for reporting of suspicious transactions, it facilitates the secure and efficient exchange of information between reporting entities (such as banks, fintechs and other regulated entities) and FIUs.
The primary users of goAML are FIUs in various countries that rely on the system to collect, analyze, and act upon Suspicious Activity Reports (SARs)/ Suspicious Transaction Reports (STRs) and other compliance-related data. While financial institutions, virtual asset service providers (VASPs), casinos and other regulated entities use goAML to submit mandatory reports in compliance with local and international AML/CFT laws.
Main solutions and forms of reports
According to the UN, the GoAML application has three main solutions:
1. Collection
Data is submitted by FIUs from financial institutions and other obliged entities. GoAML streamlines the process of data collection from obliged entities by providing a standardized, automated, and secure way to report suspicious transactions. Standardized reporting formats, automation of reporting and centralized streamline of data submission helps obliged institutions to provide immediate feedback to FIUs on the potential wrongdoings.
FIUs typically receive reports from financial institutions and other reporting entities in several forms, the task of GoAML is to standardize the reporting cases and the reporting formats. According to UNODC the suggested reporting formats for the obliged entities are:
- Cash Transaction Reports (CTR)
- Suspicious Transaction Reports (STR) or Suspicious Activity Reports (SARs)
- Electronic Funds Transfer Reports (EFT – including International Funds Transfer Reports)
- List-based reports, such as reports generated from lists of known terrorist identities.
2. Analysis
goAML plays a critical role in assisting FIUs with the evaluation of financial data to uncover patterns, anomalies, and activities related to money laundering, terrorist financing, or other financial crimes. Rule-based analysis, risk-score, and profiling are performed by FIU analysts and goAML is the tool to help FIUs to aggregate, consolidate and link data for further risk scoring, recognition and detection of patterns of potential criminal activity.
3. Data exchange
Data is exchanged between the FIU and the intelligence or judicial authorities (within the framework of national coordination) and between the FIU and regional (e.g., through FIU.net) and international (e.g., Egmont Secure Web) institutions.
Data process in goAML
Use in different continents
It’s estimated that more than 60 nations currently use GoAML. It is widely used in many countries in Europe, Africa, Asia, and several other regions.
Countries that have adopted GoAML include
- Africa: Angola, Botswana, Ghana, Kenya, Mauritius, Morocco, Namibia, Nigeria, Senegal, Seychelles, South Africa, Tanzania, Uganda, Zimbabwe.
- Asia: Bangladesh, Brunei, Iraq, Jordan, Kuwait, Nepal, Pakistan, Sri Lanka, United Arab Emirates.
- Europe: Austria, Belgium, Croatia, Cyprus, Denmark, Finland, Germany, Ireland, Italy, Latvia, Luxembourg, Malta, Monaco, Netherlands, Portugal, Sweden, Switzerland.
- Oceania: New Zealand.
- The Americas: Bermuda, Dominican Republic, Haiti, Jamaica, Trinidad and Tobago.
Member countries of GoAML system (2022 data)
The exception is large countries such as the United States, Russia and China – they have not adopted the goAML system. Instead, these countries use their own financial intelligence systems to combat money laundering and terrorist financing:
- United States: The Financial Crimes Enforcement Network (FinCEN), an agency of the U.S. Department of the Treasury, operates its own system for collecting and analyzing financial transaction data to combat financial crime.
- Russia: The Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) is responsible for monitoring the country’s efforts to combat money laundering and terrorist financing, using its own systems and protocols.
- China: The China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC) acts as the country’s financial intelligence unit, using its own mechanisms to monitor and analyze financial transactions.
Main challenges for the goAML platform
While a powerful tool for combating financial crime, goAML faces several challenges when implemented and operated.
One widely discussed issue is data overload, as FIUs often struggle to process the massive volume of STRs and SARs submitted through the system.
In addition, technical integration with reporting entities’ compliance systems can be complex, requiring significant time and resources to ensure seamless connectivity.
Another challenge is the varying levels of technical expertise among users, which can lead to inconsistencies in the quality of reports submitted.
In addition, goAML’s customization limitations can hinder its ability to fully meet the unique regulatory and operational requirements of some jurisdictions. Addressing these challenges will require ongoing support, capacity building and cooperation between FIUs, reporting entities and UNODC.
Outlook for goAML
As the fight against financial crime evolves, so does the innovation behind tools like the goAML platform.
At its core, the strategic roadmap for goAML and its complementary goPortfolio solutions focuses on rethinking architectures, integrating advanced training models, and enhancing supporting documentation. This vision recognizes the complex nature of money laundering, covers all three phases, and extends its usefulness to national law enforcement agencies as well as regional and international entities fighting financial crime.
To meet the diverse needs of Financial Intelligence Units (FIUs) worldwide, goAML has categorized its architectures into five key types, tailored to specific operational environments:
1) goAML in the box – designed for small FIUs in fragile states.
2) goAML SE – optimized for small FIUs in stable countries.
3) goAML SE-goINTEL – A solution for medium sized FIUs.
4) goAML EE – designed to handle the large data requirements of larger FIUs.
5) goAML D – designed for distributed FIUs, including those in financial free zones.
These architectures span six critical domains: business, data, application, infrastructure, security and beta testing.
Looking ahead, innovations will incorporate cutting-edge technologies such as artificial intelligence (AI), geographic information systems (GIS), machine and deep learning, and advanced data analytics. These will enable more sophisticated transaction monitoring and enhance the platform’s ability to detect and prevent financial crime.
In recognition of emerging challenges, the roadmap also addresses the risks posed by virtual currencies (VCs) and cryptocurrencies (CCs). These payment methods are increasingly associated with money laundering, terrorist financing, and crimes committed on the dark web. The goAML platform aims to mitigate these risks while adapting to the growing use of financial technology.
From combating illicit activities such as drug trafficking and cybercrime to addressing speculative risks associated with the Deep Web, goAML is poised to remain at the forefront of AML/CFT innovation, the UN said. These developments will enable FIUs worldwide to keep pace with evolving compliance standards and emerging threats.
AMLYZE input
At AMLYZE, we understand the critical role financial institutions play in the global fight against financial crime. As a company dedicated to providing cutting-edge AML/CFT solutions, we work closely with banks, fintechs, and other regulated entities to ensure their compliance frameworks meet the highest standards.
One of the key challenges many institutions face is to indicate suspicious patterns and further provide information to the local FIUs in the format that is acceptable for that specific FIU. Adapting goAML reporting standards into organization’s broader AML systems – this is where AMLYZE steps in, offering solutions tailored to each organization’s unique needs.
goAML, developed by the United Nations Office on Drugs and Crime (UNODC), is a powerful platform designed to standardize and streamline suspicious transaction reporting (STR) across jurisdictions. However, its implementation often requires meticulous alignment with existing AML systems, workflows, and regulatory requirements. At AMLYZE, we have extensive experience in bridging these gaps, enabling financial institutions to automate their reporting processes while maintaining accuracy, efficiency, and compliance.
Our solutions go beyond simple integration. We help financial institutions optimize their AML operations by ensuring that goAML reporting is embedded into their overall compliance framework. This includes customizing reporting formats, aligning workflows, and providing advanced analytics to enhance decision-making. By integrating goAML reporting with other AML tools, such as transaction monitoring systems and customer due diligence platforms, we help institutions gain a holistic view of financial crime risks.
