Oracle launches a service to combat money laundering

Friday 12 April 2024 14:18 CET | News

Oracle's Financial Services division has launched the Financial Services Compliance Agent, a cloud-based service powered by artificial intelligence (AI).


This tool enables banks to conduct scenario testing to adjust transaction monitoring thresholds and controls, aiding in the identification of suspicious activities to meet anti-money laundering (AML) compliance requirements. The solution provides statistical analysis to set appropriate AML controls and can assess new products' risk profiles while testing controls to mitigate associated risks cost-effectively thus reducing time to market. Additionally, it offers proactive assessment capabilities to detect high-risk typologies such as human trafficking, strengthening monitoring against emerging threats. 

Compliance teams can use the Financial Services Compliance Agent's AI analytics to optimise transaction monitoring controls and thresholds rapidly and cost-effectively, facilitating evidence-based decision-making.


Oracle's Financial Services division has launched its Financial Services Compliance Agent, a cloud-based service powered by artificial intelligence (AI).


Other developments from Oracle

Oracle, along with its subsidiary NetSuite, is enhancing its AI offerings to drive growth in cloud services and licensing revenues. Recently, the tech giant partnered with Palantir Technologies to offer secure cloud and AI solutions to businesses and governments worldwide. This collaboration aims to combine Oracle's distributed cloud and AI infrastructure with Palantir's advanced AI platforms to enable organisations to leverage data effectively and meet their operational needs. 

Oracle's recent AI advancements include features such as NetSuite's Analytics Warehouse Multi-Instance Connector and Text Enhance, along with Oracle Fusion Data Intelligence, which harnesses OCI services like Oracle Autonomous Database and OCI Data Lake to provide data-driven insights and intelligent actions for improved decision-making processes. 

These developments are expected to improve Oracle's cloud services and licence revenues in the upcoming quarters, with analysts forecasting significant year-over-year growth. However, according to Yahoo, the company faces competition from companies such as Salesforce and Microsoft in the AI cloud market, prompting strategic collaborations and initiatives to maintain its competitive edge.

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Keywords: product launch, fraud prevention, AML, cloud services
Categories: Fraud & Financial Crime
Companies: Oracle
Countries: United States
This article is part of category

Fraud & Financial Crime


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