Saturday, 12 June 2014, The Monetary Authority of Brunei Darussalam (AMBD) introduced a new system which can enable the agency to carry out faster and more secure online reporting of suspicious transactions.

In a press release, the AMBD said the Integrated Financial Intelligence System (IFIS) serves as a database and analysis tool that allows for more efficient analysis of Suspicious Transaction Report (STR).

AMBD Deputy Managing Director Hj Rosdi Amin (6th L,) at the launching ceremony of Integrated Financial Intelligence System (IFIS)

at the Ministry of Finance on Saturday, 12 June 2014. Courtesy of AMBD

STR refers to reports of suspicious transactions that relate to serious offences, money laundering or terrorism financing.

The system is also designed to aid the agency in preparing comprehensive reports for law enforcement agencies to assist in their investigation, AMBD said.

“Besides STR, FIE also allows for the submissions of Cash Transaction Report (CTR) which is a threshold report for cash transactions above $15,000,” AMBD said.

It added that CTR submissions will be included in the second phase of the project.

“The system utilises the latest version of the goAML software, developed by the United Nations Office on Drugs and Crime (UNODC) and adapted by 18 Financial Intelligence Units (FIUs) across the globe.

“Equipped with the latest technology and a secure network infrastructure, goAML provides a secure online communication platform between the FIE and the reporting entities,” AMBD added.

The system was officially launched by the Deputy Managing Director (Monetary and Corporate Services & Development) of AMBD Hj Rosdi Amin Dato Paduka Hj Yaakub at a ceremony held at the Ministry of Finance.

The Brunei Time: http://www.bt.com.bn/business-national/2014/06/13/new-system-help-sniff-suspicious-transactions