oracle financial services Introduced an artificial intelligence-powered cloud service that helps banks reduce anti-money laundering (AML) risks.
new Oracle Financial Services Compliance Agent “We have identified and remediated the vulnerability,” the company said in an article on Monday (April 8). press release.
“By putting compliance agents in the hands of financial crime compliance officers, banks can more quickly and economically thwart potential money laundering opportunities.” Jason Wynnsaid Global Vice President of Finance, Risk and Compliance Product Development at Oracle Financial Services in a release.
The new cloud service will allow banks to perform inexpensive what-if scenario tests to adjust thresholds and controls, according to the release. This test allows banks to classify transactions, identify suspicious activity, and better meet compliance requirements.
According to the release, Compliance Agent will help banks assess and optimize the performance of their transaction monitoring systems.
free? of course.
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Using this service, banks can assess and measure the AML risk profile of new products, assess controls to mitigate risk in those products, and proactively assess and mitigate risks from high-risk typologies. and make faster and cheaper compliance decisions based on releases.
“AI and machine learning have great potential to increase the effectiveness of anti-money laundering and other financial crime detection programs and increase the efficiency of transaction modeling processes,” Wynn said in the release.
PYMNTS Intelligence finds that AI has become the perfect tool for financial executives to fight it. money launderingbank fraud and other illegal activities.
PYMNTS IntelligenceFinancial institutions modernize technology to fight financial crime”
The report also found that more than 40% of financial institutions said that fraud incidents are increasing.
Another development of this technology is OTTO paymentserviced by the payment department. OTTO Marketplaceannounced in December that it had adopted Hawk AI's solution for AML compliance. His AML solutions from Hawk AI feature the company's explainable AI and intuitive user interface.
In June, Google announced the launch of an AI-powered tool to help financial institutions detect fraud. money laundering. The company's anti-money laundering AI provides customer risk scores instead of rule-based transaction alerts and can adapt to changes in the underlying data to provide more accurate results.