Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Oracle Brings Big Bank Anti-Money Laundering Protection to Smaller Institutions 

New cloud application suite helps mid-sized banks stay safe, compliant, and ready for growth

Oracle today announced new cloud services to help mid-sized banks combat money laundering and outsmart financial crime. Oracle Financial Crime and Compliance Management Cloud Service brings two decades of experience in fighting big bank financial crime to an easy-to-manage, cost-effective application suite designed for mid-sized banks. The solution powers the full anti-money laundering (AML) lifecycle, so institutions can streamline compliance activities and costs and quickly identify abnormal customer behaviour to stop illicit activity.

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 are available today. Know Your Customer (KYC) and Customer Screening capabilities are expected later this year.

“With criminals getting increasingly sophisticated, mid-sized banks struggle to keep pace with the complexity and cost of fighting financial crime,” said Sonny Singh, executive vice president and general manager, Oracle Financial Services. “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.”

Fighting financial crime in the cloud

The application suite delivers the capabilities mid-sized banks need to help them stay compliant and safe, including:

  • An extensive catalog of regulator-accepted AML scenarios developed over years of working with the largest, most complex banks.
  • Built-in tools for custom scenario design, analysis, threshold simulation, and tuning.
  • A centralised, 360-degree view of customers and events.
  • Out-of-the-box regulatory reporting templates to help comply with requirements across key global jurisdictions.
  • The ability to easily scale and configure to support new products.

Oracle Financial Crime and Compliance Management Cloud Service is available today in North America and Western Europe, with additional regions to come. Learn more at: https://www.oracle.com/industries/financial-services/aml-and-financial-crime-compliance/cloud-service/

Oracle Financial Services

Oracle Financial Services provides solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With our comprehensive set of integrated digital and data platforms, banks and insurers are empowered to deliver next-generation financial services. We enable customer-centric transformation, support collaborative innovation, and drive efficiency. Our data and analytical platforms help financial institutions drive customer insight, integrate risk and finance, fight financial crime, and comply with regulations. To learn more visit our website at https://www.oracle.com/industries/financial-services/index.html.