Oracle Launches Financial Crime and Compliance Management

Oracle has launched a new service that helps banks, FinTechs and other financial services providers identify potential financial crime and compliance issues and reduce compliance costs.

The new Financial Crime and Compliance Management (FCCM) Monitor Cloud Service provides these organizations with a holistic, centralized view of their FCCM efforts and provides detailed reporting capabilities that allow them to 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 risks within their business so they can manage and report those risks more effectively,” said Jason Somrak, product head, financial crime and compliance, Oracle Financial Services, in the press release. “The solution enables them to surface critical information and gain deeper insights with much greater granularity and precision.”

The FCCM Monitor Cloud Service provides chief anti-money laundering (AML) officers and their teams with a business analytics reporting system with a dashboard approach tailored to their needs and access to key performance indicators (KPIs) and metrics, the press release said.

The service offers interactive visualizations designed to convey information in the most engaging way to each audience. In addition, the service offers drill-down capabilities that provide more detailed data and deeper insights. In addition, the service offers data filters that allow you to focus on specific time periods, categories, or other criteria. You can also customize reports to meet specific requirements, the release said.

“It is critical for banks, FinTechs and other financial services providers to continue to enhance their FCCM capabilities, given the increasingly sophisticated financial crime tactics, continued regulatory scrutiny, and increasing overall volume of transaction data in digital banking,” the press release said.

Sixty-two percent of all financial institutions reported experiencing 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 managers say complex regulatory requirements pose a challenge, 58% say the sophistication of fraud schemes poses a challenge in combating fraud, and 95% place a high priority on innovation in anti-fraud and anti-crime solutions.