A reporting system for submission of reports on suspicious transactions and threshold declarations to FIU has been successfully implemented

Along with the transition to goAML, submission of reports on suspicious transactions or activities, as well as submission of threshold declarations will now take place in goAML application.

Users of goAML are mostly subjects of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (the Law), including banks and other credit institutions, sworn notaries, insolvency administrators, representatives of law enforcement authorities, etc.

“I am satisfied that Latvia is among countries which use an advanced solution to achieve the aims of combating financial crime more successfully. More than 55 countries across the world are already using goAML which is an app intended exactly for the work of financial intelligence authorities to make reporting on suspicious transactions and circulation of information with the system users more efficient. I highly value the support from all cooperation partners during the time of implementing this system, including involvement of the members of the Finance Latvia Association in implementing such significant changes,” underlined Ilze Znotiņa, Head of FIU Latvia.

Effective data exchange between FIU Latvia and SRS

Along with the implementation of goAML, the parallel reporting system under which the subjects of the Law were to submit reports on suspicious transactions in the tax area both to FIU Latvia and the State Revenue Service (SRS) has been cancelled. The reports of the subjects of the Law on suspicious transactions in the tax area submitted to FIU Latvia and to which the subject of the Law has added a reference on necessity to submit information to the SRS, as well as threshold declarations on inheritance of unregistered movable property submitted by notaries shall be immediately forwarded to the SRS.

The new regulatory framework

As of October 1, Cabinet Regulations No. 550 titled “Regulations Regarding Procedures of Submission and Content of Reports on Suspicious Transactions and Threshold Declaration” shall enter into force. The new regulations govern the procedures of submission and content of reports on suspicious transactions and threshold declarations; the procedures of obtaining and managing the user right of the Financial Intelligence Data Receipt and Analysis System (the System); as well as other matters related to the operation of the System.

About goAML

As of 1 October 2021, reports on suspicious transactions or activities and threshold declarations to FIU should be submitted on the new website https://goaml.fid.gov.lv. The long-term use of goAML will let its users – subjects of the Law and other persons – more efficiently and effectively submit reports on suspicious transactions and threshold declarations, as well as oversee the activities of the users of the institution, while evaluating the goal statistical summaries of the provided information.

The most significant benefits of goAML implementation:

• efficient submission of reports on suspicious transactions, activities, and threshold declarations;
• a more convenient reporting on criminal offences in the tax area, preventing the parallel reporting system (reporting both to the SRS and the FIU Latvia);
• a more effective communication between FIU Latvia, subjects of the Law, law enforcement authorities, supervisory and control authorities.