Recently, it has been made mandatory for all businesses in the UAE to file Partial Name Match Report & Funds Freeze Report along with Suspicious Activity Report & Suspicious Transaction Report. Harness the power of AML-TRACE to generate these reports.
Doesn’t matter whether you own a large enterprise or an SME, to keep a tab on money laundering activities, all companies need to screen customers during onboarding and throughout the customer lifecycle. Besides, the monitoring of all client transactions needs to be done.
The first and foremost reason for this is to protect the business from financial fraud. The other reason is to save the company’s reputation from getting tarnished. The third reason is avoiding any chances of the company stakeholders from getting imprisoned. Lastly, brands need to ensure that no heavy penalties need to be paid in case strict penal action is taken against them.
AML-TRACE efficiently generates all four reports, while saving time.
With FIUs in more and more jurisdictions adopting goAML, & considering that the UNODC has clearly mentioned that regulators aren’t responsible for data quality issues. So, it would fall to financial institutions to collect the appropriate data & to verify its quality.
Now, more than ever, organizations that complete & submit regulatory reports will have to make significant investments into improving the quality of data, specifically customer data.
Although customer data is collected during onboarding to fulfill Know Your Customer requirements, usually there are issues regarding how the information is then maintained in order to always be current.
GoAML helps in the management, data collection, document management, workflow, analytical, and statistical needs of any Finance Intelligence Unit. Through this, the registered users get emails on any updates on the sanctions list or mandatory compliance requirements.
All entities regulated by the Central Bank or other financial authorities in the UAE need to register in the goAML platform.
Funds Freeze Reports are used for reporting any prohibition to provide funds or services, freezing measure, or any attempted transactions relating to ‘confirmed matches’. Meanwhile, Partial Name Match Reports are used to report any ‘potential match’.
The data generated from these reports helps identify and combat financial crime. So, the details generated in STRs & SARs must be accurate. And AML-TRACE delivers just that. The solution optimizes the FIU’s analytical function for identifying vulnerabilities and threats to the UAE financial system.
Further, it helps the company stakeholders develop an overall understanding of money laundering and the financing of terrorism risks based on emerging trends and patterns. STRs & SARs also help law enforcement detect criminal actors and prevent the flow of illicit funds through the UAE financial system.
AML-TRACE generates these reports and much more! Avail its benefits NOW!