Oracle has introduced a cloud service designed to transform anti-money laundering (AML) compliance management for financial institutions.
The Oracle Financial Crime and Compliance Management Automated Scenario Calibration (ASC) Cloud Service automates the previously manual process of scenario tuning in AML monitoring. This allows banks and financial entities to improve efficiency while meeting regulatory demands and managing costs.
Financial institutions have historically faced challenges stemming from the labour-intensive nature of adjusting AML monitoring scenarios.
According to Oracle, as criminal tactics evolve, compliance teams must continually update detection parameters. These updates are necessary to comply 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).
This manual adjustment process is error-prone and resource-intensive.
Oracle Financial Services financial crime products head Jason Somrak said: “Our Automated Scenario Calibration Cloud Service is a game-changer for financial institutions that face increasing regulatory scrutiny and operational inefficiencies.
“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 optimising their resources.”
Built on Oracle Cloud Infrastructure, the ASC Cloud Service introduces automation, transparency, and reliability into scenario calibration.
Compliance teams can now engage in a three-step process that includes recreated scenarios with floor thresholds, N lookbacks, and Above the Line (ATL) and Below the Line (BTL) analyses. This enables direct outcome assessment and fine-tuning of monitoring scenarios without needing third-party platforms or manual interventions.
The ASC Cloud Service is an integral part of Oracle’s Financial Crime and Compliance Management (FCCM) suite, which seeks to help financial institutions of all sizes modernise their compliance operations.
