IMX Software rolled-out goAML reporting to its South African client base ahead of the April deadline set by the Financial Intelligence Centre (FIC). South Africa is one of the first markets to mandate the new standard for AML reporting.
This new capability for IMX’s travel money, remittance and prepaid card point-of-sale (PoS) platform 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 directive.
goAML support enables IMX PoS customers to comply with new requirements for cash threshold reporting (CTR) and suspicious transaction reporting (STR), that came into effect on 25 April 2016. It will also support the FIC requirement to report all electronic money transfers which will come into effect later in the year. The solution applies the new reporting rules to the IMX PoS system and automates the submission of reports to the FIC’s national goAML system.
goAML is a new global AML reporting standard adopted 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.