Fintech company Oracle Financial Services announced a new cloud service to help midsize banks fight money laundering and other financial criminal endeavors. The new product, called Oracle Financial Crime and Compliance Management Cloud Service, is a suite of cloud-based anti-money-laundering (AML) applications designed specifically to help midsize banks combat illegal activity.
Oracle has worked with big banks for two decades to help them find solutions to battle money laundering and other financial crimes. Now, this new suite powers the full AML lifecycle for smaller banks. This allows the institutions to streamline their compliance activities and costs, and identify suspicious customer behavior to stop criminal activity.
"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 at 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."
The AML application suite delivers the following capabilities:
- 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 centralized, 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
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Oracle Financial Crime and Compliance Management Cloud Service are available immediately in North America and Western Europe, with more regions coming soon.
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