At this point, financial compliance has been around for centuries in various forms. From early banking systems to the contemporary 21st century, these compliance systems have been ensuring that illicit activities such as money laundering and terrorist financing are prohibited, restricted, and minimized.
The latest efforts to improve these systems even further come in the form of the goAML platform, developed by the United Nations Office on Drugs and Crime (UNODC). In short, this platform equips Financial Intelligence Units (FIUs) with the capability to collect, manage, analyze, and exchange financial data related to suspicious activities, significantly enhancing the effectiveness of modern compliance efforts.
goAML 5.0 – The Newest Regulatory Advancement
goAML 5.0 is a software platform developed by the UNODC to help countries and their FIUs combat money laundering and terrorist financing. It serves as a sophisticated tool for collecting, analyzing, and sharing financial information related to suspicious activities.
goAML 5.0 is a critical component in the global fight against financial crime. It provides FIUs with advanced tools for managing and analyzing large volumes of financial data and enhances their ability to detect and prevent illegal activities. The platform is designed to adapt to the changing landscape of financial crime, including the growing use of digital currencies and sophisticated laundering techniques.
Core Blockchain – The First Blockchain To develop and publish a goAML open-source library on GitHub
The first blockchain to react to this updated version of goAML is the Core Blockchain. Core Blockchain developed an open-source Oracle software called XmlGoaml library. This is the first and only goAML open-source library on GitHub.
Adding a new dimension to AML systems, Core Blockchain implements them into a fast, secure, and decentralized network optimal for safely and securely transmitting financial information.
With improved security solutions and a modified PoW system that cuts back on energy consumption, Core Blockchain hopes to create a suitable environment for trustworthy, fast, and secure transactions that are supported by globally-compliant regulations.
Core Blockchain’s assortment of decentralized applications is also in line with these beliefs and goals. In particular, CorePass, a Layer-1 Core Blockchain dapp, adds a crucial layer of security and compliance to the AML process. This tool allows users to provide verified information while prioritizing consent and privacy, which is essential for Know Your Customer (KYC), Know Your Customer’s Customer (KYCC) and Know Your Business (KYB) processes.
Core Blockchain’s Compliance Ecosystem
The integration of Core Blockchain and CorePass with goAML 5.0 creates a robust compliance ecosystem that meets the highest standards of security, transparency, and efficiency.
This ecosystem allows for secure information transmission, offers accurate and reliable KYC, KYCC, and KYB processes, and advanced compliance oracles, such as the XmlGoAML tool that enables seamless integration between Core Blockchain and the goAML environment.
The Future of AML Compliance
The financial system is rapidly evolving, with digital currencies, programmable tokens, and FIAT bridges playing increasingly prominent roles. As these trends continue, the combination of goAML 5.0 and Core Blockchain is poised to become a cornerstone of financial compliance, offering unparalleled levels of security, efficiency, and on-demand compliance. By leveraging this powerful ecosystem, organizations can ensure that their data remains safe, decentralized, and compliant with global standards, paving the way for a more secure and transparent financial future.
