RelyComply, a leading firm in the RegTech sector, has recently expanded its innovative platform with a new feature, goAML.
This addition signifies a major step forward in anti-money laundering (AML) and countering terrorist financing (CFT) measures, reinforcing the company’s commitment to financial security and compliance.
The goAML feature has been developed as a response to the growing need for advanced financial crime reporting capabilities. It is designed to support Financial Intelligence Units (FIUs) worldwide, facilitating the investigation and reporting of suspicious financial activities to the relevant local authorities.
RelyComply specializes in providing cutting-edge solutions to combat financial crime. By leveraging technology, the company offers tools and services that help organizations maintain compliance with stringent anti-money laundering regulations. Their platform is instrumental in identifying and reporting suspicious transactions, thus playing a crucial role in the global fight against money laundering and terrorist financing.
The goAML application, developed by the United Nations Office on Drugs and Crime (UNODC), is part of the UNODC’s goPortfolio suite. It integrates with existing systems to enhance compliance investigations, allowing for the efficient collection, processing, and analysis of data. This ensures that FIUs can submit comprehensive risk reports to regulators, adhering to domestic AML laws.
With goAML, RelyComply’s platform can now automate data aggregation for Suspicious Transaction Reports (STRs), facilitating the submission of these reports directly from the platform to the Financial Intelligence Centre (FIC) via a goAML portal in the correct XML format. This integration simplifies the STR workflow, enabling quick generation and submission of reports, thus enhancing the efficiency of AML/CFT measures.
In addition to these features, RelyComply is committed to further simplifying the STR workflow by integrating goAML’s standardization features into their end-to-end AML solution. This will allow for even more efficient monitoring, flagging, and reporting of suspicious activities, ensuring compliance with AML regulations.
About RelyCompl
RelyComply is a trusted all-in-one compliance solution that empowers financial services businesses to streamline their AML/CFT processes. Our innovative platform enables customers to mitigate risk in tough regulatory environments, automate compliance processes, and effectively combat financial crime. Our scalable, flexible, and reliable AML/CFT solutions are driven by cutting-edge technology and artificial intelligence capabilities.
Source: FinTech Global
