FIU installs anti-money laundering software, finally
KATHMANDU, SEP 01 -
The Financial Information Unit - Nepal (FIU-Nepal) has finally installed new software developed by the United Nations Office of Drugs and Crime (UNODC). The software will enable the FIU to efficiently store data on suspicious financial transactions and analyse them.
The automation of the FIU was one of the commitments Nepal made to the Financial Action Task Force (FATF), the global anti- money laundering body, in 2010.
After two previous efforts to purchase the software from other vendors failed, the Nepal Rastra Bank (NRB) procured the software from the UN body, which has sold the system to many countries around the world. “We recently installed the software and it is in testing phase,” said an FIU official. “It may take at least six months to make it operational, and at least one year to make it fully functional. as banks also have to make their system compatible to this software.”
The FIU has issued a directive to banks and financial institutions (BFIs) to report transactions worth more than Rs 1 million and any suspicious transaction.
The FIU is responsible for receiving, processing, analysing and disseminating financial information and intelligence on suspected money laundering and terrorist financing activities to the Investigation Department.
The UNODC has given the software for free, but the FIU has to pay service charges for the mobilisation of UNODC staff to help the FIU operate the system, according to the FIU official. “They will stay here for three years and it depends on us whether to extend their term,” he said.
According to the UNODC website, the software named “goAML” was developed by the Information Technology Service, UNODC, in partnership with the UNODC Global Programme against Money Laundering, Proceeds of Crime and the Financing of Terrorism. An integrated software solution, “goAML” was developed specifically for FIUs use. The system integrates 14 separate functions into one package. The functions include data collection, clean-up, ad hoc queries and matching, statistical reports, structured analysis, profiling, rule-based analysis, workflow system, task assignment tracking and document management. Other features include an intelligence file management system, data integration, data acquisition, charting, diagramming and an intelligence report writer.
According to the UNODC website, FIU should pay a one-off fee for installation and initial training offered to the FIU staff, with a recurring annual maintenance fee.
After the installation of the software, the FIU has asked commercial banks to be prepared to make their information sharing system compatible with the new FIU software. “As we become capable of handling the system, the banks will be asked to make their system compatible with our software,” the FIU official said. “Once commercial banks make necessary adjustment in their software, we will gradually ask other agencies concerned to report to us.”
Besides Nepal, Bangladesh uses the software in South Asia. Denmark, Mauritius, Azerbaijan, the Netherlands, South Africa, Bermuda, Mozambique, Palestine, Finland, Morocco, Tanzania and Nigeria are among the nations that have installed “goAML”, according to the UNODC software department.
Source: The Kathmandu Post
