American IT major Oracle has rolled out a new cloud app suite to help small banks combat money laundering risks of large-scale.
The company brings Oracle Financial Crime and Compliance Management Cloud Service to mid-sized banks for fighting financial crime.
The solution offers full anti-money laundering (AML) capabilities, streamlines compliance activities and costs, and identifies suspicious customer behaviour.
Built on Oracle Cloud Infrastructure (OCI), it offers Transaction Monitoring and Regulatory Reporting applications to banks.
Plans are on to add Know Your Customer (KYC) and Customer Screening features later this year.
These applications provide mid-sized banks with an extensive catalogue of regulator-accepted AML scenarios to help fight financial crime in the cloud.
They have built-in tools for designing, analysing, simulating, and tuning customised scenarios.
The application suite offers 360-degree visibility of the bank’s customers and events, as well as regulatory reporting templates for compliance.
The solution is currently available in North America and Western Europe, with more regions to follow.
Oracle Financial Services EVP and GM Sonny Singh said: “With criminals getting increasingly sophisticated, mid-sized banks struggle to keep pace with the complexity and cost of fighting financial crime.
“We are levelling 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.”
Last year, Oracle launched the new Oracle Financial Services Anti Money Laundering (AML) Express Edition, which is designed to identify, probe as well as report money laundering and terrorist financing activities.