ICELAND’S FIU IMPLEMENTS STRINGENT REPORTING REQUIREMENTS FOR financial crimes: An In-depth Look
Reynir Eyjolfsson and Sigrún Jónsdóttir
The Icelandic Financial Intelligence Unit (FIU-ICE) has implemented rigorous reporting requirements for financial crimes through their web-based platform, goAML. In this article, we delve into the intricacies of the goAML system, focusing on the registration process, key features, and communication with the FIU-ICE.
Getting Started with goAML
Before diving into the features of goAML, it is essential to understand the registration process for organizations and individuals.
Registration of Organization
Registration is open to Reporting Entities, Stakeholders, and Supervisory Bodies.
- To register a new organization, essential details must be provided such as the organization type, name, acronym, incorporation number, contact person, email address, phone number, and whether the organization is financial or not.
- The Organization ID, which is unique to each organization, is a crucial piece of information that is necessary for individuals to register as part of an organization.
Registering Person / Administrator
- For an individual to register as part of an organization, they must know the Organization ID.
- Upon registration, they will be asked to provide personal information, such as their name, employment details, phone numbers, and email addresses.
- Once they have registered, they will be able to access the goAML web interface and report suspicious transactions.
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The goAML Web Interface
Upon logging in, users are presented with a customized interface depending on their role and permissions.
The goAML web interface offers the following functionality:
- New Reports: Users can create new reports by either uploading XML files or using the manual reporting feature.
- Drafted Reports: Access to reports that have not yet been submitted to the FIU-ICE.
- Submitted Reports: View and save reports that have been submitted to the FIU-ICE.
Statuses and Communication with FIU-ICE
When submitting reports to the FIU-ICE, various statuses can be encountered.
Failed Validation Reports
- Reports that fail validation may be rejected due to missing information.
- Users can revert the report, edit the information, and resubmit it.
Communication with FIU-ICE
- Communication with the FIU-ICE primarily occurs through the Message Board.
- Users can ask questions, report issues, and receive information regarding their reports.
- The Messaging feature is a valuable tool to monitor the status of their transactions and maintain a productive dialogue with the FIU-ICE.
Conclusion
The Icelandic Financial Intelligence Unit has established a robust reporting solution with goAML designed to combat financial crimes and promote regulatory compliance.
In the next article, we will explore the features and capabilities of goAML in more depth, focusing on specific report types, XML transaction uploads, and user management. Stay tuned for insights into the powerful capabilities of goAML and how they benefit organizations in the fight against financial crime.