South Africa's FIC strengthens battle against financial crime with upgraded UN-backed platform

South Africa’s Financial Intelligence Centre (FIC) has upgraded its goAML registration and reporting system, a critical tool in tracking suspicious financial activity and combating fraud.

The upgrade comes as 419 “advance-fee” scams and other financial crimes continue to cost South Africans millions each year.

While the FIC does not provide exact figures for every scam, reports to the centre include suspicious transactions linked to these frauds, giving authorities the data needed to detect and investigate criminal patterns.

goAML, developed by the United Nations Office on Drugs and Crime (UNODC), allows banks, financial institutions and certain businesses to submit structured reports on suspicious activity, large cash deposits, international payments, and property linked to terrorism.

The FIC analyses this information and shares intelligence with law enforcement agencies.

“The system helps us connect the dots across different institutions and transactions, giving law enforcement the insights they need to investigate and prevent financial crime,” the FIC said.

The platform is used by financial intelligence units in several countries, including Kenya, Uganda, Nigeria and the United Arab Emirates.

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South Africa’s FIC has customised it to meet local reporting requirements while maintaining compliance with international anti-money laundering and counter-terrorist financing standards.

The upgrade also includes enhanced registration tools and message boards, which accountable institutions are urged to check regularly to stay updated on reporting obligations.

Registered institutions must appoint a compliance officer or responsible person and submit reports including suspicious transactions, large cash deposits, international transfers, and property linked to terrorism.

The platform supports both single and batch report uploads and provides automated validation to reduce errors.

Institutions are also required to check the goAML message board regularly for official communications from the FIC regarding system updates or reporting obligations.

By using technology to monitor suspicious financial activity in near real time, the FIC aims to make it harder for scammers and criminals to exploit South Africa’s financial system.

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