Oracle is broadening availability of its Oracle Financial\nServices Anti-Money Laundering solution for smaller banks, the company said.<\/p>\n\n\n\n
Oracle Financial Solutions announced the launch of its AML\nExpress Edition for small and medium-sized financial institutions, connecting\nthese banks with a streamlined platform for money laundering and terrorist\nfunding detection, investigation and reporting solutions.<\/p>\n\n\n\n
As Oracle noted in its announcement, smaller banks must adhere to the same AML and other regulatory compliance requirements as large banks, yet with fewer resources to meet those requirements. The firm\u2019s AML Express solution supports affordable and straightforward compliance solutions to these smaller FIs.<\/p>\n\n\n\n
\u201cThe largest financial institutions in the world have been\nusing Oracle Anti-Money Laundering solutions for decades. Today, the same\ncomprehensive financial crime technology is now accessible for small- and\nmid-sized financial institutions,\u201d said Sonny Singh, Oracle Financial Services\u2019\nsenior vice president and general manager. \u201cLowering the total cost of\nownership without compromising on the core functional capabilities is an\nengineering breakthrough made possible with the use of modern, cloud-compatible\narchitectures.\u201d<\/p>\n\n\n\n
The solution for smaller banks is scalable and includes the\ncore functionality of Oracle Financial Services\u2019 Anti-Money Laundering tool. It\nsupports faster deployment for on-premise or cloud infrastructures. It also\nincludes a built-in library of potential scenarios that address the most common\nmoney laundering behaviors for faster detection, while including case\nmanagement capabilities.<\/p>\n\n\n\n
Anti-money laundering is quickly becoming one of the largest challenges for financial institutions, with the PYMNTS AML\/KYC Tracker recently finding that about 29 percent of financial institutions have not adopted KYC tools or solutions from external data providers.<\/p>\n\n\n\n
KYC technology can be a problem for even the largest banks. Deutsche Bank, for example, revealed in May that it had discovered a glitch in its existing AML software that had been in place for years and may have incorrectly defined parameters to detect potential money laundering transactions.<\/p>\n\n\n\n
About Oracle<\/strong> Oracle is broadening availability of its Oracle Financial Services Anti-Money Laundering solution for smaller banks, the company said. Oracle Financial Solutions announced the launch of its AML Express Edition for small and medium-sized financial institutions, connecting these banks with a streamlined platform for money laundering and terrorist funding detection, investigation and reporting solutions. As Oracle […]<\/p>\n","protected":false},"author":13,"featured_media":2882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[74],"class_list":["post-2881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-bank-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=2881"}],"version-history":[{"count":2,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2881\/revisions"}],"predecessor-version":[{"id":2884,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2881\/revisions\/2884"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/2882"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=2881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=2881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=2881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nFounded: 16 June 1977
\nHeadquarters: Redwood City, California, U.S
\nFounders: Larry Ellison, Bob Miner, and Ed Oates<\/p>\n","protected":false},"excerpt":{"rendered":"