ORACLE
money laundering Oracle [shutterstock: 1110484031, Andrii Spy_k]
[shutterstock: 1110484031, Andrii Spy_k]
Press Release SAP Community

Banks Fight Money Laundering With Oracle

Oracle announced the availability of Oracle Financial Services Anti Money Laundering (AML) Express Edition targeted at small- and mid-sized banks.

The Oracle solution provides a single, unified platform to efficiently detect, investigate, and report suspected money laundering and terrorist financing activity to comply with evolving regulations and guidelines.

Smaller banks need to address regulations and compliance the same as global top-tier banks. However, they must do so with significantly smaller IT budgets and limited resources. AML Express therefore uses new architecture principles to offer a choice of deployment. It also includes all the core functionality needed to fight financial crime.

“The largest financial institutions in the world have been using Oracle Anti Money Laundering solutions for decades. Today, the same comprehensive financial crime technology is now also accessible for small- and mid-sized financial institutions. Lowering the total cost of ownership without compromising on the core functional capabilities is an engineering breakthrough made possible with the use of modern, cloud-compatible architectures,” said Sonny Singh, senior vice president and general manager, Oracle Financial Services.

Highlights of Oracle Anti Money Laundering solution

To address the unique challenges of smaller banks, Oracle Financial Services created this scalable, out-of-the-box AML solution. Key features of AML Express include:

  • Architecture designed for rapid deployment on premise or on cloud infrastructures. This allows firms to transition to their future states faster and also at reduced implementation costs.
  • In-built library of scenarios that detect the most common money laundering behaviors. This functionality combined with in-built case management abilities reduces the time and resources needed for scenario configuration and case investigation.
  • Modern solution design that allows visual scenario configuration. It reduces coding overheads and enables easy adaption to ever-changing compliance demands

Oracle Financial Services Global Business Unit provides clients in more than 140 countries with an integrated, best-in-class, end-to-end solution of intelligent software and powerful hardware designed to meet every financial service need. Its platforms provide the foundation for banks and insurers’ digital and core transformations and deliver a modern suite of Analytical Applications for Risk, Finance Compliance and Customer Insight.

Source:
Oracle

About the author

E-3 Magazine

Articles published through E-3 Magazine International. This includes press releases by our partners as well as articles and reports from the E-3 team of journalists.

Add Comment

Click here to post a comment

Push

Our Authors