Oracle announced the Oracle Financial Crime and Compliance Management Automated Scenario Calibration (ASC) Cloud Service, which transforms monitoring of anti-money laundering (AML) transactions by automating the manual process of scenario tuning. AML scenarios are designed to detect and prevent money laundering, terrorist financing, and other financial crimes. Available globally, the new automation service enables financial institutions’ compliance teams to improve efficiency, expedite regulatory requirements, and reduce operational costs.
“Our Automated Scenario Calibration Cloud Service is a game-changer for financial institutions that face increasing regulatory scrutiny and operational inefficiencies,” said Jason Somrak, head of financial crime products, Oracle Financial Services. “By automating one of the most time-consuming aspects of AML compliance—scenario tuning—Oracle can help financial institutions stay ahead of financial crime risks while optimizing their resources.”
Conquering crime minus manual process chaos
Financial institutions have long struggled with the manual efforts required to adjust AML monitoring scenarios. As criminal tactics evolve, compliance teams must continuously fine-tune detection parameters to maintain effective monitoring and compliance with standards set by regulatory bodies such as the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Traditionally, this process is highly labor-intensive, error-prone, and requires significant resources.
Built on the security, performance and scalability of Oracle Cloud Infrastructure, the ASC Cloud Service helps eliminate inefficiencies by introducing an automated, transparent, and reliable approach to scenario calibration. With a simple three-step process, compliance teams can now directly run a recreated scenario with floor thresholds (predetermined monetary limits), or N lookbacks (review of past transactions that might have been initially missed), and Above the Line (ATL) and Below the Line (BTL) analyses. Teams can complete outcome assessments, and fine-tune monitoring scenarios without third-party platforms or time-consuming manual adjustments.
The ASC Cloud Service is a key component of Oracle’s Financial Crime and Compliance Management (FCCM) suite, designed to enable financial institutions of all sizes to modernize their compliance operations.
