Oracle has launched a new service designed to help banks, FinTechs and other financial services companies identify potential financial crime and compliance issues and reduce compliance costs.
The new Financial Crime and Compliance Management (FCCM) Monitor Cloud Service gives these organizations a holistic, centralized view of their FCCM efforts and provides granular reporting capabilities to help them demonstrate these efforts to regulators and other stakeholders, the company said in a Tuesday (Sept. 17) press release.
“Oracle Financial Crime and Compliance Management Monitor Cloud Service helps banks understand financial crime risk within their business so they can manage and report that risk more effectively,” Jason Somrak, chief of product, financial crime and compliance at Oracle Financial Services, said in the release. “With the solution, they will be able to surface critical information and access deeper insights with much more granularity and preciseness.”
The FCCM Monitor Cloud Service provides chief anti-money laundering (AML) officers and their teams with a business analytics reporting system featuring a dashboard approach designed to meet their needs and access to key performance indicators (KPIs) and metrics, according to the release.
The service offers interactive visualizations designed to convey information in the most compelling way for each audience; drill-down capabilities that provide more detailed data and deeper insights; data filters that enable focus on specific time periods, categories or other criteria; and report customization to meet specific requirements, per the release.
“It is critical for banks, FinTechs and other financial services companies to continue to improve their FCCM capabilities amidst ever-increasing sophistication in financial crime tactics, ongoing regulatory scrutiny and the rise in the overall volume of transactional data in digital banking,” the release said.
Sixty-two percent of all financial institutions said they experienced an increase in financial crime in 2022, according to the PYMNTS Intelligence and Featurespace collaboration, “The State of Fraud and Financial Crime in the U.S.”
The report also found that 66% of AML executives said complex regulatory requirements are a challenge, 58% said the sophistication of fraud schemes is a challenge in combating fraud, and 95% highly prioritize innovation in anti-fraud and anti-crime solutions.
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