According to an announcement, due to the continuing development and upgrading of MOKAS and in the terms of implementing the project, the Unit has acquired from the United Nations (United Nations Office on Drugs and Crime – UNODC) the new system named goAML Professional edition, which has now been installed.

The Unithas also obtained all the necessary hardware and software equipment needed for the support of the new system.

The project, which is in its last stage of implementation, is co-funded at 85% from the Norwegian Financial Mechanism and 15% from national funds.

The new system began its operation on a pilot basis on December 2014 and went live on Thursday. All the banking institutions and other organisations, which according to the law are obliged to submit suspicious transactions or activities reports to the Unit, will be able to submit the reports electronically, under the highest security standards.

The project is expected to contribute to the automisation of the analysis and investigation procedure of MOKAS and it will enhance the cooperation with its foreign counterpart Units, including its cooperation with Norway. The Unit will be in a position to analyse the received transactions and information more effectively.

By virtue of the Anti-money Laundering Law, the Unit has issued a Directive addressed to all banking institutions and other organisations, which gives instructions as to the way the new system operates and the electronic submission of reports.

Source: Cyprus Mail