New Oracle AI-powered Cloud Service Helps Banks Mitigate Anti-Money-Laundering Risks
"AI and machine learning have tremendous potential to increase the effectiveness of anti-money laundering and other financial crime detection programs to deliver higher efficiencies in the transactional modeling process," said
Part of
Assess risk profile of new banking products
Compliance Agent can objectively evaluate and measure the AML risk profile of new products and evaluate controls to mitigate these risks cost-effectively, thereby reducing the time to market for new products. The solution also provides the statistical basis needed to reduce conservative bias in deciding AML controls for new products. This is a win for banks that are under pressure to introduce innovative products but must do so without exposing the bank to new avenues of money laundering and incurring extensive and costly assessments.
Proactively assess and mitigate risks from high-risk typologies
Compliance Agent can also proactively assess and diminish risks from high-risk typologies, such as human trafficking. For example, based on the results of an experiment, a user can tune the controls and make the TMS more capable of catching these types of suspicious transaction patterns. Fortifying the TMS for potential high-risk typology behaviors keeps banks proactively prepared for the unknown potential attacks specific to those typologies. This is critical in helping banks stay in good standing with regulators and customers.
Make cheaper, faster, and evidence-supported decisions for risk modeling
In addition, Compliance Agent helps compliance teams provide evidence to model risk teams and regulators so that they have the best controls in place for monitoring transactions efficiently and updating those controls to fight the continuously advancing trends in money laundering tactics. Banks can use Oracle's AI-powered analytics to make evidence-based compliance decisions faster and cheaper. The "what-if" capabilities of Compliance Agent allow users to evaluate multiple options and help them select the most suitable and optimal option. It can also provide insights about controls, such as transaction limits for banking products, for stronger transaction monitoring.
To learn more about Oracle Financial Crime and Compliance Management solutions visit: https://www.oracle.com/financial-services/aml-financial-crime-compliance/compliance-agent/
About
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.
Trademarks
Oracle, Java, MySQL and
View original content to download multimedia:https://www.prnewswire.com/news-releases/new-oracle-ai-powered-cloud-service-helps-banks-mitigate-anti-money-laundering-risks-302109909.html
SOURCE Oracle