The United Nations Office on Drugs and Crime (UNODC) standard software system is available for Financial Intelligence Units to counter Terrorist Financing and Money Laundering.
In today's global economy, terrorist financing and money laundering have assumed heightened importance. Money laundering and the financing of terrorism are global problems that threaten the security and stability of financial institutions and lead to undermining economic prosperity. A lot is being done to combat money laundering at the global level.
Government Office Anti-Money Laundering (goAML) is a UNODC response to combat money laundering. It is an intelligence analysis system intended to be used by the FIU (Financial Intelligence Unit). FIUs have a big role to play as they have access to financially related information that provides a base for financial investigations. An FIU is responsible for receiving, analyzing, and processing reports required from financial institutions or persons referred to in national anti-money laundering legislation.
This template allows the banks to generate the final Suspicious Transaction XML Report that is submitted to their regulator through the goAML application.
Oracle Financial Services Compliance Regulatory Reporting Cloud Service (OFS CRR CS) Government Office Anti-Money Laundering Suspicious Transaction Reporting (goAML STR) is used to analyze the reports and take appropriate action on the report for a resolution.
Reports are created in the OFS CRR CS goAML STR as a result of the Generate goAML STR action taken on a case or cases in the FCCM Case Investigation Service. The business data (transaction, account, and entity details) and operational data (narratives, documents, and comments) related to the case which led to the creation of a report are available in the OFS CRR CS goAML STR.
Using this information, authorized users analyze reports and report them to the FIU or close them by providing appropriate details.
The following image depicts the life cycle of a report.
Figure: Report Life Cycle in the OFS CRR CS goAML STR
Description for FCCM goAML STR workflow
· Generate an FCCM RR Report: After analyzing a suspicious case, if it is required to report to the regulator, you can take action to generate a report. For more information, see FCCM Case Investigation User Guide.
· Create a Report: A report is created in the FCCM Case Investigation and the related information is passed to the OFS CRR CS goAML STR using web service. The newly created report is available in the OFS CRR CS goAML STR and it is assigned to a specific user with a due date to take appropriate action by that date. When you identify a report of suspicious behavior that is not reported through the FCCM Case Investigation but want to report it to the regulator, you can manually create a new report using the Create New Report option in the OFS CRR CS goAML STR. For more information, see Creating a Report.
· Search and Open a Report: To analyze the existing reports, you must open reports from the repost list or search using basic, advanced, or views search criteria. For more information, see Opening a Report.
· Analyze a Report: To take any kind of action on a selected report, you must thoroughly analyze the details. You must verify the details of the report such as involved accounts, transactions, reporting entity details, related documents, narratives, and audit history. For more information, see Analyzing a Report.
· Act on a Report: Post analysis, you must take action on the selected report to close or report it to the regulator based on your privileges. For more information, see Acting on a Report.
This section explains the workflow of the OFS CRR CS goAML STR for the Analyst and Supervisor role.
When a report is created in the OFS CRR CS goAML STR through the FCCM Case Investigation, the report details are auto-populated with information from the case, which triggered the action to generate the report. Users mapped to the role of Analyst can update a report that is in Open status and request the report’s details for approval. During the edit and review process, the report is available for view as a draft report.
A Supervisor can approve, rework, or cancel the filing of reports after the Analyst requests for approval. Supervisors can also edit report details and approve reports directly if required.
If the report is approved by the Supervisor, the authorized user can generate the report in the XML format after performing all the necessary validations. The report is then manually submitted to the FIU System. This activity is performed outside the OFS CRR CS goAML STR. The report status can then be marked as Submitted in the OFS CRR CS goAML STR.
If required, the Supervisor can send the reports for rework when the report is in Request for Approval status. The Analyst must then rework and re-submit the report for approval. This process continues until the report is approved or canceled.
Authorized users can reopen the canceled reports. The report status then changes to Reopened.
For the complete list of actions, the Analyst, Auditor, or Supervisor can perform on various report statuses, see Action that can be performed in various statuses. For more information on user roles, see User Access .
A Report has a life cycle that begins with the Open status and ends when it is in the Submitted status.
The following table explains the statuses in which an Analyst, Auditor, and Supervisor can edit the report details.