The unified surveillance and compliance platform will enable BNZ to gain enterprise-wide visibility into potential money laundering and terrorist financing activities, expand detection and analysis capabilities, improve efficiency in meeting increasingly complex regulatory requirements and assist with managing ongoing compliance costs.
BNZ, which has a network of 178 retail stores, 21 partners centers and 445 ATMS across New Zealand, will deploy multiple Oracle Financial Services Financial Crime and Compliance Management solutions as part of the bank’s expanded financial crimes management initiative, which focuses on improved threat detection and streamlined compliance.
“Increasingly sophisticated financial crimes pose new business and reputational risks, elevating the urgency for expanded prevention and management initiatives at financial institutions worldwide,” said S. Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications. “Oracle Financial Services Financial Crime and Compliance Management enables forward-looking institutions, like Bank of New Zealand, to actively assess risk and controls, dig deeper with ad-hoc analysis capabilities and comply with regulatory and internal mandates – all within a single, enterprise-class platform.”
“Facing new regulatory requirements and a global escalation in financial crime, BNZ has focused on strengthening our threat detection and management capabilities while working to streamline compliance,” said Shelley Ruha, Director - Product and Operations, BNZ. “Oracle Financial Services Financial Crime and Compliance Management solutions will enable us to automate financial crime surveillance and compliance processes, extend visibility across our growing organisation, and effectively comply with regulations while managing our ongoing compliance costs.”
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