Sunday, April 18, 2021

Oracle launches money laundering solution for small- and mid-sized banks

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Oracle announced the availability of Oracle Financial Services Anti Money Laundering (AML) Express Edition targeted at small- and mid-sized banks.

It provides a single, unified platform to efficiently detect, investigate, and report suspected money laundering and terrorist financing activity to comply with evolving regulations and guidelines.

Smaller banks need to address regulations and compliance the same as global top-tier banks but must do so with significantly smaller IT budgets and limited resources.

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AML Express uses new architecture principles to offer a choice of deployment and includes all the core functionality needed to fight financial crime.

“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.

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