Oracle has announced the launch of its AML platform, Oracle Financial Services Anti Money Laundering (AML) Express Edition, to assist the small and mid-sized banks against money laundering and fraudulent activities while complying with the dynamic regulations and guidelines. The new platform focuses on the banks plagued with smaller IT budgets and limited resources.
“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.
According to the supplier, the AML Express’s architecture allows for rapid deployment of on-premise or on-cloud infrastructures at low implementation costs. It comprises of an in-built library with scenarios that detect money laundering behaviours and case management abilities that aim to optimize the resources needed for scenario configuration and case investigation. The platform includes video scenario configuration, coding overheads reductions and facilitates the smooth adaption of compliance demands.
Oracle Financial Services provides a suite of Analytical Applications for Risk, Finance Compliance and Customer Insight to its clients across 140 countries, for digital and core transformations.