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Latvian authorities adopt a new reporting system for suspicious transactions and threshold declarations

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Latvian Office for Prevention of Laundering of Proceeds Derived from Criminal Activity (FID) has commenced the adoption an internationally recognized goAML software, which is a unique solution developed by the United Nations Office on Drugs and Crime (UNODC) intended specifically for the purpose of prevention of money laundering, FID affirms.

With the transition to goAML system, all reports regarding suspicious transactions or operations and submission of threshold declarations will be processed using goAML.

Cybersecurity and Anti-Money Laundering - Fintech Crimes

The system is mainly used by subjects of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing, as well as banks and other credit institutions, sworn notaries, insolvency administrators, representatives of the law enforcement and others.

“I am happy that Latvia is part of the group of countries that use modern solutions that help achieve goals in the fight against financial crimes. 55 countries around the world already use goAML, which is intended for authorities responsible for prevention of money laundering and other financial crimes. This system helps make reporting suspicious transactions and information exchange more effective. I welcome the support of all of our cooperation partners in the adopt ion of this system, including the work put in by members of Finance Latvia Association in the implementation of such important changes”, stresses FID chief Ilze Znotiņa.

With the adoption of goAML the parallel reporting system the parallel reporting system that was in place before will no longer be used by FID or State Revenue Service. Reports submitted to FID regarding suspicious transactions and threshold declarations will be sent to VID immediately for processing.

October 1st, marked the coming into force of Latvian Cabinet of Ministers requirements Nr. 550 On the Order of Submission of Reports of Suspicious Transactions and Threshold Declarations. The new rules govern reports on suspicious transactions and the order under which threshold declarations are submitted, data admission and processing order, as well as other areas related to the system’s operations.

From 1 October 2021 onward reports of suspicious transactions and other financial operations, as well as threshold declarations are to be submitted to FID using the new website: https://goAML.fid.gov.lv. Using goAML will allow all users – subjects of the law and other people – to submit reports of suspicious transactions and threshold declarations more effectively.

The main advantages offered by goAML include:

  • convenient and fast submission of reports of suspicious activities and threshold declarations;
  • more convenient reporting method for financial crimes and replacement of the existing parallel reporting system (to VID and FID);
  • more effective communication for FID, subjects of the law, law enforcement institutions, monitoring and controlling institutions.
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