MONEY20/20, LAS VEGAS, NV – October 26, 2021 – Unit21, a Google-backed data infrastructure company focused on fighting financial crime, announced at Money20/20 USA that its customizable, no-code platform for risk and compliance operations now helps fight crime globally by providing automated filing of goAML reports in 56 countries.
“Submitting detailed and timely Suspicious Activity Reports through the goAML portal can be a strenuous, tedious, and challenging process at times, especially when there are multiple and disparate users involved,” said Antonio Alvarez, Chief Compliance Officer at Crypto.com. “By using Unit21's integrated solution, Crypto.com is able to leverage improved quality controls and submit our reports in a much more timely and effective way.”
Money laundering and the financing of terrorism are global problems that threaten the security and stability of financial institutions and systems, undermine economic prosperity, and weaken governance systems. According to the United Nations, as much as $2 trillion is laundered globally every year. Less than 10% of money laundering is ever detected, and less than 1% of laundered funds are ever recovered.
The goAML application is the gateway to the United Nations’ central database of suspicious financial transactions that may be tied to money laundering or terrorist financing worldwide. Currently, goAML has been deployed in 56 member countries to support their financial investigation units in the global exchange of data related to suspicious activity.
The key to the goAML initiative is the detailed and accurate reporting of suspicious behavior by all financial institutions (banks, Fintechs, casinos, real estate brokers, and so forth) that are required to report such information in the member countries. But these reports are tedious and time-consuming, taking up to a day to prepare a single report.
With Unit21's goAML automation, financial institutions can file comprehensive reports in as little as 30 minutes, allowing financial investigation units to focus on their primary objective – investigation – and more quickly discern the patterns that dramatically increase the detection of criminal activity.
"Financial crime doesn't stop at the border. Nor should our battle lines," said Trisha Kothari, co-founder and CEO of Unit21. "Our automated goAML filing streamlines the reporting of suspicious activity worldwide, giving the UN's fight against financial crime the supply lines it needs."
To request a demo of Unit21’s automated filing for goAML reports, please visit www.unit21.ai/schedule-demo.
Backed by Google, Tiger Global Management, and other leading investors, Unit21 is redefining how risk and compliance teams fight financial crime. Unit21’s fully customizable no-code platform provides a simple API and dashboard for detecting, investigating and reporting on fraud, money laundering, and other sophisticated risks across multiple industries. Combining Know Your Customer (KYC) identity verification, transaction monitoring and outlier detection, and suspicious activity report (SAR) case management, Unit21 streamlines every aspect of risk and compliance operations. Unit21 is based in San Francisco, CA. For more information, visit www.unit21.ai.
Head of Marketing, Unit21