Oracle Financial Crime and Compliance Management Cloud Service brings an application suite designed for mid-sized banks, the company said.
The solution powers the full anti-money laundering (AML) lifecycle, so institutions can streamline compliance activities and costs and quickly identify abnormal customer behavior to stop the illicit activity, according to the announcement.
Built on the Oracle Cloud Infrastructure (OCI), Financial Crime and Compliance Management Cloud Service's Transaction Monitoring and Regulatory Reporting applications are available on Wednesday.
"With criminals getting increasingly sophisticated, mid-sized banks struggle to keep pace with the complexity and cost of fighting financial crime," said Sonny Singh, executive vice president and general manager of Oracle Financial Services.
"We're leveling the playing field by bringing the same modern crime detection and reporting capabilities afforded to larger institutions to mid-sized banks in a package that suits their unique requirements and cost structures," he added.
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