Navigating the New FIAU XML Schema: Updates to Suspicious Reporting for GoAML

The Financial Intelligence Analysis Unit (FIAU) in Malta has recently released a new technical package that includes an updated XML schema for automated reporting on GoAML.

This update introduces significant changes aimed at enhancing the clarity of reports with the inclusion of a number of additional indicators, as well as two new report types specifically related to blacklisted countries.

Key Changes in the New XML Schema

New Report Types:

• CFAR (Call For Action Report) and CFATR (Call For Action Transaction Report) are new report types specifically for activities and transactions related to blacklisted countries (Category 1/Jurisdictions subject to a call for action).

Additional Indicators:

• Previous Rejected Reference Number: This indicator helps maintain continuity by linking to previously rejected reports.
• Specific Transaction Suspicion Indicator: Allows for the identification of specific suspicious transactions within a report.
• Transaction Status: Includes indicators for rejected and approved transactions, enhancing the clarity of report outcomes.

While these updates bring valuable enhancements, they also introduce complexity. The XML schema can be a heavy read. Identifying where updates need to be made and understanding the specific changes required for a subject person’s report can be daunting, given the vast potential scenarios that could be reported.

Streamlining the Process

With the right help, the process can be streamlined, removing the “noise” and easily identifying the required changes. Our expertise lies in simplifying these complexities, ensuring that your reports are accurate, compliant, and efficiently processed.

For more insights on how we can assist you, check out our previous article on the upgrading of the suspicious reporting system GoAML.

If you require any further information or assistance on AML risk related matters, please do not hesitate to contact us on [email protected].