 "Oracle Helps Banks Deal With Financial Crime And Comply With New Regulations")
To help banks mitigate risks while complying with the new Reserve Bank of India guidelines in the present volatile financial market, Oracle today announced the availability of its Financial Crime and Compliance Management (FCCM) solutions in India.
Oracle Financial Services Anti Money Laundering and Fraud Analytics provides an end-to-end solution that leverages a robust data model and comprehensive dashboard capabilities to deliver a single transparent, holistic view of all financial crime and compliance related activities across the enterprise.
Spanning from insurance, mutual funds and private equity (PE) to banking and foreign direct investments (FDI), the Indian financial services is indisputably one of the most complex sectors. While the complexity of the system has also increased with several banks offering internet and mobile services for users and constantly looking at expanding across regions, it also directly impacts money laundering risk. Unfortunately, most banks in India continue to use traditional solutions to counter money laundering and struggle with multiple back-office systems and silo-ed information.
Gaurav Harode, Senior Director, Financial Crime and Compliance Management, Oracle Financial Services, said “Conventional rudimentary anti-money laundering solutions have put several banks at the brim of facing negative reputational risk. According to a recent announcement by RBI, the number of reported frauds in the Indian banking system over the past decade stands close to 1, 76, 547, and the value is pegged at Rs 31,400 crore.”
“Oracle is committed to enable the Indian banking and financial services industry at par with international frameworks. We are sure that our FCCM solutions will not only help Indian banks to address financial crimes and ensure compliance, but will also allow them to reduce regulatory risk by achieving cross-channel coverage and analyze information better to exceed existing global standards in terms of performance,” Gaurav added.
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