Oracle launches new service to support banks in identifying financial crime risk

The decision to launch the new service can be attributed to the rise in the overall volume of transactional data in digital banking and the need for augmenting FCCM capabilities amidst evolving financial crime tactics. Through its solution, Oracle equips financial organisations with a comprehensive business analytics reporting system that includes a dashboard approach developed to meet the unique demands, needs, and requirements of chief AML officers and their teams. In addition, the role-based service leverages typologies based on several individuals, companies, and their characteristics considering numerous types of financial crime and offering those responsible for compliance programs access to Key Performance Indicators (KPIs) and metrics.

As a result, banks are set to be able to address FCCM issues, assess financial crime risk across several business units, and take proactive action for financial crime risk management and strategic planning. Other features offered by the Oracle Financial Crime and Compliance Management Monitor Cloud Service include interactive visualisation, with banks being able to choose from a variety of chart types, data filters and drill-down capabilities, as well as report customisation, which enables financial institutions to create reports based on their specific needs. 

The launch comes shortly after Oracle partnered with Mashreq, UAE-based bank, to support the latter's global expansion. At that time, Mashreq was set to replace its core system with Oracle solutions to modernise, simplify, and optimise its operations in key international hubs, including Hong Kong, the US, and the UK. 

Source: Link