IMX Software announces a new capability for its travel money point-of-sale (PoS) platform that will allow money service retailers operating in and across international markets to easily comply with evolving AML reporting directives from financial intelligence authorities around the world under a new UN programme.
goAML is a new global AML standard software system developed by the United Nations Office on Drugs and Crime (UNODC) that regulators around the world will increasingly implement to combat terrorist financing and money laundering by organised crime. goAML is an integrated database and intelligent analysis framework intended for use by financial intelligence units worldwide, allowing them to share standardised information, improve financial crime detection and increase prosecution success rates.
UNODC is mandated to assist UN Member States in their struggle against illicit drugs, crime and terrorism. Financial intelligence units play a leading role in any anti-money laundering regime as they are generally responsible for receiving, processing and analysing reports made by financial institutions or other entities according to the requirements of domestic anti-money laundering laws and regulations.
goAML support will enable IMX point-of-sale users to comply with new requirements for cash threshold reporting (CTR) and suspicious transaction reporting (STR), beginning in South Africa from September 2015. The solution will apply the new mandatory reporting rules to the IMX PoS system and automate the submission of reports to Financial Intelligence Centre’s goAML system.