Oracle\u2019s financial technology division has launched an AI-powered cloud service to empower banks to tackle money laundering.<\/p>\n\n\n\n
Oracle Financial Services\u2019 Compliance Agent performs hypothetical scenario testing, enabling banks to scrutinize transactions and identify suspicious activities<\/p>\n\n\n\n
Compliance Agent creates \u201cwhat-if\u201d scenarios so banks can test the effectiveness of their transaction monitoring systems on new financial products.<\/p>\n\n\n\n
Compliance Agent users can adjust test thresholds, allowing the tool to evaluate different types of risk while extracting insights on the effectiveness of controls such as transaction limits.<\/p>\n\n\n\n
According to the\u00a0United Nations Office on Drugs and Crime\u00a0(UNODC), between two to 5% of global GDP, or $800 billion to $2 trillion, is laundered annually.<\/p>\n\n\n\n
According to Oracle, financial institutions face significant challenges handling financial crimes, juggling both cost and complexity of cases<\/p>\n\n\n\n
Compliance Agent is designed to be inexpensive to deploy and equips banks with tools to gather evidence to support business decisions as well as help transaction monitoring systems identify new types of suspicious transaction patterns to keep up with risk trends.<\/p>\n\n\n\n
Oracle said the new Compliance Agent\u2019s tests can reduce the time to market for new products while enabling banks to meet their finance crime obligations more effectively.<\/p>\n\n\n\n
\u201cAI 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,\u201d said Jason Wynne, global vice president of finance, risk and compliance product development at Oracle Financial Services. <\/p>\n\n\n\n
\u201cPutting Compliance Agent in the hands of financial-crime compliance officers will help enable banks to thwart potential money laundering opportunities more quickly and economically.\u201d<\/p>\n\n\n\n
Oracle\u2019s Compliance Agent follows the launch of a wide range of\u00a0cloud-based generative AI apps\u00a0to support specific enterprise use cases.<\/p>\n\n\n\n
Oracle recently\u00a0partnered with Palantir\u00a0to offer businesses joint data and AI solutions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oracle\u2019s financial technology division has launched an AI-powered cloud service to empower banks to tackle money laundering. Oracle Financial Services\u2019 Compliance Agent performs hypothetical scenario testing, enabling banks to scrutinize transactions and identify suspicious activities Compliance Agent creates \u201cwhat-if\u201d scenarios so banks can test the effectiveness of their transaction monitoring systems on new financial products. […]<\/p>\n","protected":false},"author":1,"featured_media":6363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"amp_status":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[351,241],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\n