IMX Software has completed the roll-out of goAML International Funds Transfer Reporting (IFTR) to its South African client base ahead of the March 31 deadline set by the Financial Intelligence Centre (FIC).
IMX has extended the capability of its travel money, remittance and prepaid card point-of-sale (PoS) platform to support the FIC’s IFTR requirement to report all electronic money transfers, irrespective of value.
Phase II of the FIC’s GoAML programme adds IFTR to the existing requirements for cash threshold reporting (CTR) and suspicious transaction reporting (STR) that came into effect in April 2016.
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.
What is goAML?
goAML is a global AML reporting standard adopted by the United Nations Office on Drugs and Crime (UNODC) that regulators around the world are increasingly adopting 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 around the world 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.