Oracle Financial Services introduced an artificial intelligence-powered cloud service that helps banks mitigate anti-money laundering (AML) risks.
new Oracle Financial Services Compliance Agent “Identifies and remediates vulnerabilities,” the company said on Monday (April 8). News for the newspaper.
“Putting compliance agents in the hands of financial crime compliance officers will help banks thwart potential money laundering opportunities more quickly and economically.” Jason Wayneglobal vice president of finance, risk and compliance product development at Oracle Financial Services said in the release.
According to the release, the new cloud service enables banks to run affordable, hypothetical scenario tests to adjust limits and controls. With this check, banks can sort through transactions, identify suspicious activity and better meet their compliance needs.
The compliance agent helps banks evaluate and improve the performance of their transaction monitoring systems, the release said.
Using the service, banks can assess and measure the AML risk profile of new products, review controls to mitigate the risk of these products, proactively assess the risks of high-risk typologies. and can reduce them, and make faster, cheaper compliance decisions, according to the release.
“AI and machine learning have tremendous potential to increase the effectiveness of anti-money laundering and other financial crime detection programs by providing greater efficiency in the transaction modeling process,” Wynne said in the release.
PYMNTS Intelligence found that AI has become the tool of choice for financial institution executives looking to compete. Briberybank fraud and other illegal activities.
Seventy-one percent of financial institutions are now using AI and machine learning to prevent fraudsters, according to PYMNTS Intelligence.Financial institutions adapt technologies to fight financial crime.“
The report also found that more than 40 percent of financial institutions say fraud is on the rise.
In another deployment of this technology, OTTO PAYMENTSPaying Division Service OTTO Bazarsaid in December that it had adopted Hawk AI solutions for AML compliance. Hawk AI’s AML solution includes the company’s explainable AI and intuitive user interface.
In June, Google said it launched an AI-powered tool to help track down financial institutions. Bribery. The company’s anti-money laundering AI provides a customer risk score as an alternative to rules-based transaction alerting and can adapt to changes in underlying data to provide more accurate results.