Alice, whom we know well from the “Alice’s Adventures in Wonderland” by Lewis Carroll, in one of the episodes gets an important life lesson that often comes to mind: “It takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!”.
This is particularly true when you think about the overwhelming speed in which technologies have been developed within the last decade, and being able to integrate and benefit from these developments in our daily work.
When I joined the FIU Latvia in 2018, one of my goals was to make sure that we benefit from technologies and streamlined work processes as much as possible. Therefore, it is my pleasure to say that since October 1st, the FIU Latvia has joined a community of more than 50 countries that work with the application goAML.
goAML is a unique solution developed by United Nations Office on Drugs and Crime (UNODC) specifically intended for the purposes of financial intelligence. Our decision to switch to goAML application was not difficult for the reasons I will explain below.
Firstly, technologies are developing at a lightning speed, but it is not always easy to find the right solution for very specific needs. Financial intelligence is a very particular area of work and requires specific tools to efficiently process information. goAML offers a unique solution specifically targeted at the work of financial intelligence units.
Secondly, the application has been developed and systematically improved in close synergy with its main users – the FIU’s. Thanks to close collaboration established between the UNODC goAML team and the specialists at the FIU’s, we can define specific needs and requests. As such, goAML is constantly updated, with new releases issued and user training provided.
Thirdly, by choosing goAML, you can access an entire support team that is highly competent, dedicated and comprises of some of the best academics and professionals in the financial sector.
Finally, goAML offers many FIU-specific advantages that are important for efficient and high-quality operations, such as workflows, automatically generated templates, as well as optimal and wise structure of the reports.
goAML’s advantages are not only seen by the FIU. The technology offers more efficient submission of reports on suspicious transactions and threshold declarations and more effective communication among all parties involved.
In Latvia’s case, it also means more convenient reporting on criminal offences in the tax area, excluding the parallel reporting system (reporting both to the State Revenue Service and the FIU Latvia).
And there is more to look forward to. We are expecting a “one stop shop” solution regarding integration of various external databases, artificial intelligence-based approaches to various processes such as dedicated queries’ tools for strategic research prioritization or sophisticated scoring solution.
And, last but not least, we are also a few months away from the official inauguration of AMLIH (Anti-Money Laundering Innovation Hub) in Latvia. Our vision for AMLIH is to promote the use of information technology, artificial intelligence and innovation in the financial intelligence process. One thing is certain – we want to make financial intelligence as intelligent as possible.
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