Financial Crime World

Financial Intelligence Unit Launches New Software for Enhanced Suspicious Activity Reporting

The Financial Intelligence Unit (FIU) has introduced a new software solution, goAML, designed to streamline the process of submitting suspicious activity reports under the Special Purpose Group (SPG) and International Sanctions Group (ISG). This innovative platform aims to improve reporting efficiency and security, allowing financial institutions and individuals to submit reports in a timely and accurate manner.

Tracking Changes to UN Sanctions

The goAML channel provides information on changes related to United Nations sanctions, including updates to the lists of names. This ensures that registered users can stay informed about upcoming changes that may impact their Know-Your-Customer (KYC) measures. To register, visit https://goaml.llv.li, where you’ll also find instructions and resources.

Frozen Funds and Economic Resources

The FIU emphasizes the importance of reporting frozen funds and economic resources under the sanctions ordinances. Most coercive measures provide for the freezing of funds and economic resources of natural persons, entities, and organizations, with the exception of two sanctions ordinances concerning Lebanon and Myanmar.

Identifying Listed Persons and Entities

Individuals and institutions can search for listed persons, entities, and organizations on:

Reporting Obligation

The reporting obligation is triggered when a person or institution:

  • Holds, manages, or has knowledge of funds or economic resources subject to the freeze
  • Has submitted a suspicious activity report under the SPG

The FIU emphasizes that this obligation applies regardless of whether a suspicious activity report has already been submitted.

Ownership and Control

When assessing ownership and control, consider the following factors:

  • Possession of more than 50% proprietary rights
  • Majority interest
  • Power to appoint or remove members of an entity’s administrative body

The unit also highlights that only the Government may approve payments from frozen accounts on exceptional grounds.

Take Action

The Financial Intelligence Unit urges individuals and institutions to take note of these guidelines and report any suspicious activity promptly to ensure compliance with sanctions ordinances.