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The Financial Intelligence Analysis Unit (FIAU) of Malta has recently released a new technical package which includes significant changes to the GoAML XML schema. These updates are designed to enhance the effectiveness of anti-money laundering(AML) reporting, including two new report types and additional indicators.
The two new report types are, ‘The Call For Action Report (CFAR)’ and ‘The Call For Action Transaction Report (CFATR)’. These reports are specifically designed to address suspicious activities and transactions related to blacklisted countries. This addition aims to provide the FIAU with more granular information about suspicious activities involving high-risk jurisdictions.
The updated schema also introduces several new indicators to provide more context and clarity to the reports. These include:
- Previous Rejected Reference Number: This indicator allows for a seamless connection between rejected and subsequent reports, ensuring continuity and efficiency in the reporting process.
- Specific Transaction Suspicion Indicator: This indicator enables the identification of specific suspicious transactions within a larger report, making it easier for the FIAU to pinpoint areas of concern.
- Transaction Status: This indicator provides clarity on the status of transactions, indicating whether they have been approved or rejected.
While these updates bring valuable enhancements to the GoAML schema, they also introduce additional complexity. The XML schema can be a challenging document to navigate, making it difficult for businesses to identify the necessary changes and ensure compliance. The vast number of potential reporting scenarios further complicates the process.
To address the challenges associated with the updated schema, businesses can benefit from ComplyRadar’s goAML module. This tool provides a simple and efficient solution for exporting relevant data in accordance with the latest FIAU requirements. By automating the reporting process, ComplyRadar helps businesses save time, energy, and resources.
The benefits of Complyradar’s GoAML module:
- Compliance: Ensures that reports are generated in full compliance with the latest FIAU regulations.
- Efficiency: Streamlines the reporting process, saving time and resources.
- Accuracy: Reduces the risk of errors and omissions in reports.
- Focus: Allows businesses to allocate resources to more critical aspects of their operations.
By leveraging Complyradar’s GoAML module, businesses can submit accurate, timely reports to the FIAU. This not only helps businesses meet their regulatory obligations but also demonstrates their commitment to preventing money laundering and other financial crimes.
