Oracle Financial Services Know Your Customer provides entity verification, robust risk analytics, and configurable workflow capabilities integrated with the award-winning Oracle Financial Services Anti Money Laundering solution. Oracle Financial Services Know Your Customer allows firms to quickly and accurately assess the risk associated with each customer, and leverage this information while continuously monitoring customer behavior. This helps to ensure that firms understand their customers and their associated risk and can take immediate action when events occur that affect a customer's risk profile.
Oracle Financial Services Know Your Customer can be deployed across business lines and jurisdictions to leverage a financial institution's investment and ensure consistent compliance throughout the enterprise. It addresses regulatory issues from all jurisdictions, including:
International Money Laundering Abatement and Anti-Terrorist Financing Act
USA PATRIOT Act
U.K. Proceeds of Crime Act 2002
U.K. Joint Money Laundering Steering Group Guidance
Third European Money Laundering Directive
Oracle Financial Services Know Your Customer determines the appropriate level of surveillance based on configurable risk models and leverages industry-proven technology to provide:
Identity verification. Facilitates the collection of identity documentation and verifies information through industry-standard public and private databases.
Customer-enhanced due diligence. Compares customers with the U.S. Treasury's Office of Foreign Assets Control, politically exposed persons, sanctioned parties, and other watch lists. Performs news searches and obtains information from external sources.
Risk assessment. Leverages collected data, including information in other corporate databases, to calculate comprehensive risk profiles for each customer and account based on firm-configurable risk models.
Continuous monitoring through integration with Oracle Financial Services Anti Money Laundering. Enables Oracle Financial Services Anti Money Laundering to leverage risk ratings from Oracle Financial Services Know Your Customer to help ensure continuous, risk-appropriate levels of monitoring. Oracle Financial Services Anti Money Laundering triggers additional Know Your Customer reviews based on thresholds for detected risky behavior.