New solution helps banks fight financial crime and comply with AML regulatory requirements
REDWOOD SHORES, Calif., June 25, 2019 /PRNewswire/ -- Oracle announced the availability of Oracle Financial Services Anti Money Laundering (AML) Express Edition targeted at small- and mid-sized banks. It provides a single, unified platform to efficiently detect, investigate, and report suspected money laundering and terrorist financing activity to comply with evolving regulations and guidelines.
Smaller banks need to address regulations and compliance the same as global top-tier banks but must do so with significantly smaller IT budgets and limited resources. AML Express uses new architecture principles to offer a choice of deployment and includes all the core functionality needed to fight financial crime.
"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," said Sonny Singh, senior vice president and general manager, Oracle Financial Services.
To address the unique challenges of smaller banks, Oracle Financial Services created this scalable, out-of-the-box AML solution. Key features of AML Express include:
- Architecture designed for rapid deployment on premise or on cloud infrastructures allowing firms to transition to their future states faster and at reduced implementation costs
- In-built library of scenarios that detect the most common money laundering behaviors coupled with in-built case management abilities that reduce the time and resources needed for scenario configuration and case investigation
- Modern solution design that allows visual scenario configuration, reducing coding overheads, and enabling easy adaption to ever-changing compliance demands
For more information about AML Express, please click here.
About Oracle Financial Services
Oracle Financial Services Global Business Unit provides clients in more than 140 countries with an integrated, best-in-class, end-to-end solution of intelligent software and powerful hardware designed to meet every financial service need. Our market leading platforms provide the foundation for banks and insurers' digital and core transformations and we deliver a modern suite of Analytical Applications for Risk, Finance Compliance and Customer Insight. For more information, visit our website at https://www.oracle.com/industries/financial-services/index.html.
The Oracle Cloud offers a complete suite of integrated applications for Sales, Service, Marketing, Human Resources, Finance, Supply Chain and Manufacturing, plus Highly Automated and Secure Generation 2 Infrastructure featuring the Oracle Autonomous Database. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.
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