JIS News

Story Highlights

  • Chief Executive Officer of the Real Estate Board (REB), Sandra Garrick, is imploring dealers to file reports using the goAML software.
  • The web-based reporting portal automates a number of the reports dealers are required to submit as part of international anti-money laundering/counterterrorism measures.
  • It will facilitate speedier exchange of data between the Financial Investigations Division (FID) of the Ministry of Finance and the Public Service and law enforcement, while ensuring the confidentiality of the data collected.

Chief Executive Officer of the Real Estate Board (REB), Sandra Garrick, is imploring dealers to file reports using the goAML software.

The web-based reporting portal automates a number of the reports dealers are required to submit as part of international anti-money laundering/counterterrorism measures.

It will facilitate speedier exchange of data between the Financial Investigations Division (FID) of the Ministry of Finance and the Public Service and law enforcement, while ensuring the confidentiality of the data collected.

“Currently, the FID has embarked on using the goAML software as a more streamlined way to collect reports that must be completed by all financial institutions and all designated non-financial institutions. The REB wants to encourage dealers to use this platform,” Mrs. Garrick told JIS News.

She noted that receiving these reports electronically will allow for better analysis and monitoring of suspicious transactions.

Meanwhile, Mrs. Garrick noted that as the competent authority to monitor the compliance of real estate dealers with the Proceeds of Crime Act (POCA), REB has a responsibility to ensure that practitioners are adequately trained in the use of the reporting software.

As such, the agency has been conducting mandatory goAML training for dealers across the island.

“I want to encourage all dealers to sign up for these sessions. The training dates are published on our website and in print media. The training is compulsory and will contribute four of the eight hours towards mandatory continuous professional development hours for real estate professionals,” Mrs. Garrick said.

The goAML platform was developed by the United Nations Office on Drugs and Crime (UNODC) to better assist Financial Intelligence Units (FIUs) in preventing money laundering and terrorist financing.

FIUs are responsible for receiving, processing, and analysing reports made by financial institutions or other entities under the requirements of the laws.

These reports and other information gathered by FIUs, through goAML, often provide the basis for investigations into money laundering, terrorist financing, and other serious offences.

Among the reports that will be submitted on goAML are the Authorised Disclosures (Requests for Consent), Nil Reports, Suspicious Transaction Reports and Threshold Transaction Reports.