Oracle Financial Services has developed Oracle Financial Crime and Compliance Management Cloud Service, a big bank asset reformulated to help smaller institutions stop illicit activity, said Oracle officials in a press release.
“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.
Oracle says 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 centralized, 360-degree view of customers and events; out-of-the-box regulatory reporting templates to help comply with requirements across key global jurisdictions; and the ability to easily scale and configure to support new products.
Oracle is expected to release Know Your Customer (KYC) and customer screening capabilities later this year.