Finch Innovate

 In today’s rapidly evolving financial landscape, maintaining strict vigilance against money laundering, fraud, terrorist financing, and other illegal financial activities is essential. Two powerful tools used globally for this purpose are the Suspicious Activity Report (SAR) and the Suspicious Transaction Report (STR) . Although the terms are often used interchangeably, they have specific meanings depending on jurisdiction and regulatory frameworks. This blog explains what SAR and STR are, why they matter, how they differ, and what organizations need to know to stay compliant. What is a Suspicious Activity Report (SAR)? A Suspicious Activity Report (SAR) is a confidential document submitted by financial institutions and certain regulated businesses to report any behavior or activity that may indicate illegal financial activity. Activities don’t always need to involve a transaction—sometimes, the behavior alone is enough to trigger suspicion. Common Triggers for SARs Sudden changes...

The introduction of goAML software solutions is considered one of the main regulatory steps in the pathway of the fight against terrorist funding and money laundering. Depending on the national risk assessment done in UAE and the implementation of AML legislation which came into force in the year 2018 in the country, all regulatory authorities of the region emphasize the importance of the goAML platform and its usage by all remittance gateway and business entities. The goAML software is one of the integrated digital platforms that is mainly used by financial intelligence departments around the world for collecting and evaluating financial data. The system was mainly developed by the United Nations Office on Drugs and Crime for being used by the financial intelligence units for data analysis for the prevention of all criminal activities. Benefits of goAML KYC software All the required updates and data in relation to the list of all targeted financial sanctions are available there for y...

 AML is a set of regulations, rules and procedures that are designed to prevent terrorist financing preventing criminals from getting illegally obtained money. AML contains a set of regulations to make dirty money look white or clean. AML screening portal is used to monitor the database, so that fraudulent illegal money laundering activities can be detected. So, what is AML screening? AML screening is the investigative process that is used to prevent money laundering activities. The process involves identifying the identity of the customer to prevent potential red flags. What is the difference between AML screening vs KYC? Here are a few factors that help in knowing the difference between AML screening and KYC. • Focus The full form of KYC is Know Your Customer. The goal of KYC is to verify the identity of a customer and his/her basic information. On the other hand, AML screening goes a step further and assesses the risk profiles that are associated with money laundering activiti...

 Prevention of money laundering and anti-financial crimes in the economic era today are the top agenda for governments and organizations globally. goAML software solutions offer end-to-end prevention of money laundering specially designed to aid financial intelligence units (FIUs) and reporting entities to complete anti-money laundering (AML) requirements. goAML, the groundbreaking prevention for better suspicious transaction detection, reporting, and analysis, was designed by the United Nations Office on Drugs and Crime (UNODC). What Is goAML Software? The goAML software solutions are a comprehensive IT solution for detecting and preventing terrorism financing, money laundering and another such bank, regulator and law enforcing agency-based financial crimes. This software provides automated collection, processing and report of data and is one of the important AML compliance solutions. goAML allows organizations to file Suspicious Activity Reports (SARs) and Currency Transaction Re...

 Keeping businesses safe from illegal activities like money laundering is imperative in today’s financial world. One key tool to help with this is AML screening. When companies conduct AML screening, they protect themselves and their customers. Why Due Diligence Matters Due diligence forms the foundation of sound business decision-making through meticulous information verification. It involves checking information carefully to make informed and safe business decisions. Before a bank or financial institution allows someone to open an account or process a large payment, they need to ensure the person is not concealing illegal activities. Without proper checks, criminals could use these services to launder money from illegal activities. This is where due diligence comes in. The Importance of Name Screening and KYC Name screening technology compares client information against databases of known criminal actors, including sanctioned individuals, terror suspects, and documented fraudste...

 The goAML software is a fully integrated software solution that has been created specifically for the financial units to take action in response to the illicit financial activities like money laundering, terrorist financing and so on. Financial intelligence units play an important role in receiving, processing and analysing reports that have been made by the financial institutions so that no kind of financial illegal activity can take place.  Money laundering and financial terrorism are global problems that threaten the security of financial institutions and systems. Worldwide, financial intelligence units play a crucial role in preventing illicit financing activities. GoAML regulations help in combating financial crime through international cooperation and real-time reporting. The goAML regulations allow users to submit suspicious transaction reports and other information to the relevant authorities so that proper action can be taken if there is a need.  Who has created...