Financial Crime World

Malta Introduces New Financial Crime Reporting Requirements with goAML Software Solution

Malta’s Financial Intelligence Analysis Unit (FIAU) has introduced a new financial crime reporting system, the goAML software solution, to strengthen its fight against money laundering and terrorism financing. This system replaces the previous STR Submission System and is designed to revolutionize the way financial institutions report suspicious activities.

Improved Efficiency and Communication

The implementation of goAML allows for more efficient data collection, improved communication flow between reporting entities, stakeholders, and the FIAU. The system enables reporting entities to submit reports in a quicker and more streamlined manner, while also enhancing the analytical process.

Compliance Requirements

To comply with the new requirements, all subject persons are required to register on the goAML platform. The registration process involves three steps:

  • Choosing the type of report to submit
  • Selecting the relevant category for the report
  • Submitting the report along with any supporting documentation

Report Types and Classification

The goAML system provides various report types, including:

  • Suspicious Transaction Reports (STRs)
  • Suspicious Activity Reports (SARs)
  • Reports related to terrorism financing

Reporting entities must classify their reports under the correct category, as each type of report is handled differently.

Reporting Process Feedback

Once a report is submitted, reporting entities will receive feedback regarding its success. If a submission is rejected, the entity must correct the information according to the rejection message and resubmit the report.

Implementation and Technical Support

In preparation for the implementation of goAML, the FIAU organized a technical workshop for top reporting entities on the implementation of the XML Schema. The workshop covered:

  • The purpose of the system
  • Common questions and answers
  • Updated technical information

Subject persons who encounter any technical difficulties can contact the FIAU via its Contact page. Additional resources, including:

  • An XML schema
  • Sample XML files
  • An XML validator

are also available on the FIAU website.

Conclusion

The introduction of goAML is a significant step forward in Malta’s efforts to combat financial crime and ensure the integrity of its financial system. The new system will enhance the country’s ability to detect and prevent money laundering and terrorism financing, while also providing improved reporting capabilities for financial institutions.