Setting a new industry standard and turning compliance into a competitive advantage for banks, Oracle forges the path towards better financial crime prevention with innovations in its Financial Crime and Compliance Management and Anti-Money Laundering portfolio. The latest capabilities and solutions influence machine learning for analytical capabilities, robotic process automation (RPA) for workflows, and graphic analytics for the visualization of networks. Oracle showcased these financial crime technologies at the 18^th Annual ACAMS AML & Financial Crime Conference.

Speaking on the innovations, Sonny Singh, SVP & GM, Oracle Financial Services, claims, “Oracle has been at the forefront of innovation and technology investments to ensure our customers can stay ahead in a shifting landscape in financial crime. Our industry experience and technological expertise in banking have enabled us to re-imagine a new class of advanced analytics capabilities that deliver maximum value and results for our customers. Our alignment with the larger Oracle Cloud strategy is enabling us to rapidly make all of our solutions accessible to banks beyond just the large tiers”.

According to the United Nations, almost $2 trillion is laundered globally every year and with the regular changing criminal behaviour, its high-time for the banks to evolve to advanced analytical technologies that can influence and learn from big data. The companies with an upper hand in the machine intelligence will practice more effective and efficient financial crime detection, investigation and reporting. To stay updated with the customer requirements, Oracle invests in improving its traditional anti-financial crime enterprise products such as Oracle Enterprise Case Management and Oracle Anti Money Laundering Enterprise Edition.

However, the recent product innovations in the anti-financial crime space includes, a) Oracle Financial Services Anti Money Laundering Express Edition - a cloud-native architecture with integrated case management and architected specifically to cater to the compliance needs of small and mid-tier banks, b) Oracle Financial Services Crime and Compliance Studio, an integrated workbench and advanced analytics toolkit that enables data scientists to rapidly build powerful detection patterns and investigation dashboards for effective AML and Anti-Fraud programs, c) Oracle Financial Services Adaptive Intelligence Foundation for Anti Money Laundering, which augments existing rule-based investigation scenarios with adaptive customer behavior-based machine models for more effective AML transaction monitoring and reduced false positives, d) The Investigation Hub, which enables financial crime investigators to uncover and analyze hidden suspicious complex network patterns between entities using graph technology, e) Oracle Financial Services Anti Money Laundering Event Scoring, which optimizes investigation effort with smart ranking and prioritization of AML events using advanced modeling and machine learning tools.