Oracle, a software firm based in the US, has introduced a new tool that will enable small- and mid-sized banks to fight money laundering.
The new Oracle Financial Services Anti Money Laundering (AML) Express Edition is designed to identify, probe as well as report money laundering and terrorist financing activities.
The solution is said to be particularly ideal for smaller banks who have to comply with regulatory norms with limited budget.
According to the vendor, its solution supports quick deployment on premise or on cloud infrastructures.
The deployment cost is also said to be low.
The solution includes an in-built library with scenarios that have the ability to flag common money laundering behaviours.
Also incorporated in the tool are in-built case management abilities that aim to reduce the time required for case investigation.
Oracle Financial Services senior vice president and general manager Sonny Singh said: “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 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.”