Oracle has announced the availability of Oracle Financial Services Anti Money Laundering (AMLXE) Express Edition (AMLXE). AMLXE is targeted at small to mid sized banks. It aims to provide a platform that can assist banks to detect, investigate, and report suspected money laundering and terrorist financing activity to authorities.
Sonny Singh, senior vice president and general manager, Oracle Financial Services commented: “The largest financial institutions in the world have been using Oracle Anti Money Laundering solutions for decades. Today, the same comprehensive financial crime technology is now accessible for small- and mid-sized financial institutions. Lowering the total cost of ownership without compromising on the core functional capabilities is an engineering breakthrough made possible with the use of modern, cloud-compatible architectures.”
The new scalable platform solution delivers six core benefits:
- Achieve Compliance with Current and Future Regulations
- Get a Comprehensive View of Financial Activity and Customer Risk
- Bring in Investigation Efficiency
- The new solution is scalable and
- Rapidly Deploy and Configure to achieve ‘Future State’
- Reduce Operational Overhead
- Scale up in future basis business requirements and appetite
Enterprise Times : What does this mean
AMLXE delivers functionality that has sometimes been out of the reach of smaller banks. Oracle has taken its learnings from Oracle Financial Services Crime and Compliance Studio which include Oracle Financial Services Anti money Laundering.
For smaller banks this provides a solution that should be within their price point. In addition it helps them meet their compliance obligations lowering the risk of fines, or worse, expulsion from a market.