Tech giant Oracle has launched a new version of its Oracle Financial Crime and Compliance Management (FCCM) suite of products. The new version includes advanced analytics to help banks meet the challenge of money laundering and to deter financial crime.
According to statistics provided by AMLabc.com, global anti-money laundering and sanctions fines amounted to $5.7bn last year, compared to $3bn in 2018 and $2bn in 2017.
In 2019 and 2018 alone, 27 regulatory bodies around the world fined more than $9bn in 49 anti-money laundering cases. Oracle’s new FCCM version features over 300 customer risk indicators
Oracle stated that the FCCM suite of products now has an integrated analytics workbench, more than 300 customer risk indicators and embedded graph analytics visualisations. As per Oracle, these capabilities can help financial institutions to fight money laundering and achieve compliance.
The new features added to FCCM can help chief compliance officers and data scientists to increase overall effectiveness of their programmes, along with detection accuracy and investigation efficiency.
The integrated analytics workbench feature enables data scientists to run graph analytics, data visualisations, machine modeling, scenario authoring and testing data in one place.
The tech company also stated that with the latest FCCM, financial institutions can augment their traditional rules-based behaviour detection models with machine-based models. It also include sover 300 out-of-the-box customer risk indicators to enhance the accuracy of models and reduce false positives.
To support advanced case investigations, entity resolution and hidden networks discovery, the new version comes with embedded graph analytics visualisations and more than 30 pre-built graph algorithms. ,.
The graph analytics capabilities also support in analysing network patterns and deep learning can automate case decisions, offering recommendations to investigators.
Oracle Financial Services financial crime & compliance products vice president John Edison said: “Financial crimes are increasingly more sophisticated as technology becomes more advanced. Oracle continues to make strategic investments in the area of anti-money laundering and financial crime compliance management to help financial institutions successfully fight these threats.
“By seamlessly incorporating advanced analytics capabilities into our enterprise-grade platform, financial institutions can quickly overcome adoption impediments and benefit from cutting-edge innovations at scale. This allows their compliance teams to boost their accuracy and efficiency, which is crucial when fighting financial crime and keeping customers safe.”