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Oracle announces Anti-Money Laundering for midsized financial institutions

By Pavithra R

October 28, 2020

  • Oracle
  • USA
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Oracle announces Anti-Money Laundering for midsized financial institutions
Sonny Singh, executive vice president and general manager, Oracle Financial Services

Oracle, a cloud technology company that provides global organizations computing infrastructure and software, has announced the launch of new cloud services to help mid-sized financial institutions (FIs) combat money laundering and outsmart financial crime. 

Oracle Financial Crime and Compliance Management Cloud Service is an end-to-end suite of cloud-based, anti-money laundering applications for midsized financial institutions. Leveraging Oracle’s 2 decades of experience in fighting big bank financial crime to an easy-to-manage, cost-effective application suite designed for mid-sized FIs. The solution powers the full anti-money laundering (AML) lifecycle, so financial institutions can streamline compliance activities and costs and identify abnormal customer behaviour quickly to stop illicit activities. 

The solution which is built on the highly secure, scalable Oracle Cloud Infrastructure (OCI), Oracle Financial Crime and Compliance Management Cloud Service’s Transaction Monitoring and Regulatory Reporting applications is in North America and Western Europe and is expected to add Know Your Customer (KYC) and Customer Screening capabilities later this year.

The end-to-end application suite delivers the capabilities mid-sized banks require to stay compliant and safe, including:

  • An extensive catalog of regulator-accepted AML scenarios 
  • Built-in tools for custom scenario design, analysis, threshold simulation, and tuning.
  • Powers the entire AML program, including customer due diligence, transaction monitoring, investigations and reporting with a single system.
  • Intuitive case management tool provides a centralized, 360-degree view of customers and events.
  • Out-of-the box AML/CFT regulatory reporting templates to help comply with requirements across key global jurisdictions.
  • The ability to easily scale and configure to support new products.
  • Pay-per-use subscription pricing that’s flexible, scalable for growth, & cost efficient.

“With criminals getting increasingly sophisticated, mid-sized banks struggle to keep pace with the complexity and cost of fighting financial crime. We’re leveling the playing field by bringing the same modern crime detection and reporting capabilities afforded to larger institutions to mid-sized banks in a package that suits their unique requirements and cost structures,” said Sonny Singh, executive vice president and general manager, Oracle Financial Services. 

Oracle Financial Services provides solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers.

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