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Collaborative Partner Ecosystem to Fight Financial Crime

Collaborating to Fight Financial Crime

One in two global organizations have been a victim of financial crime (PDF) or fraud. However, the other half, seemingly untouched by financial crime may simply be unaware of their exposure to money laundering or fraud-related risks.

The world of financial crime is interwoven with cultural, ethnic, and religious ties that span the globe and cut across geographical boundaries. Every financial institution, no matter how vigilant, may have not have a complete picture of the money laundering network (PDF) that these financial criminals weave.

Criminal elements are always adapting and probing for a single weak link in the financial system to exploit. Small terrorist cell networks, for example, have grown with small funding needs. Seventy-five percent of the 40 violent extremist terrorist plots in Europe between 1994 and 2003 cost less than US$10,000, effectively bypassing the money transfer threshold set by many financial institutions or central banks.

Some organizations spend on ever more powerful technology tools to fight financial crime but do these investments yield a genuine proactive approach that mirror the speed in which money can change hands across the seas and global criminal organizations?

Partners in Anti-Money Laundering

Imagine if the barriers between organizations can be broken down to create a tightly woven, information sharing network of intelligence that reliably analyzes vast quantities of data to uncover criminal activity around the world.

Oracle provides an enterprise platform that enables efficient detection, investigation, and reporting of suspected money laundering and terrorist financing activity.

However, with this next generation of Anti-Money Laundering solutions, Oracle has adopted a collaborative partner ecosystem. This means that you access the latest incremental innovations in advanced analytics technologies like natural language processing, artificial intelligence, and robotics process automation in a single, powerful, enterprise Anti-Money Laundering platform.

  • Blue Prism, a leader in robotic process automation, is collaborating with Oracle Financial Services to automate critical compliance tasks in the investigation, resolution, and reporting of financial crimes and suspicious activities. Financial institutions are now able to optimize and enhance financial crime investigation workflows with intelligent automation capabilities and gain deep insight into customer behavior and patterns from disparate data sources.
  • Quantifind’s Graphyte platform offers search and entity resolution across negative news, company data, sanctions, politically exposed persons (PEPs) and watch lists, and court and arrest data. It uses AI-powered signal extraction and risk typologies to calculate risk scores and relevance based on this unstructured data.
  • Clients can now access 23,000 data sources with Arachnys (PDF) and Oracle. These structured and unstructured data sources in more than 90 languages enable compliance with global KYC regulations and enhance due diligence during the onboarding, review, and investigation processes.
  • Decision makers can have immediate contextual insights delivered in simple conversational language, straight from the data source with Unscrambl. Data is processed quickly with algorithms constantly readjusted to decipher and remove unwanted information, reducing false positives.
  • Duality and Oracle have partnered to deliver the industry’s first privacy-protected collaboration solution for AML/CTF, allowing financial crime and compliance teams to seamlessly enrich their AML programs with external intelligence while preserving privacy, security, and regulatory compliance.

Integrating the Latest Technology More Intelligently

Forty years ago, Oracle revolutionized how data is stored, managed and accessed by being the first to introduce the concept of relational databases. Now, data is managed in more intuitive ways as graph analytics, artificial intelligence and machine learning make it easier to organize data.

In a world propelled by powerful automation, the demand to integrate the latest data technologies more intelligently becomes more pressing than ever.

By leveraging on the latest innovations to learn, process patterns, and derive conceptual meaning from disparate data sets, Oracle’s next generation of compliance solutions powers a tightly woven enterprise platform to fight financial crime and money laundering faster, better, more accurately, and more responsively.

Related Products and Solutions

Leverage unstructured data (PDF)

Quantifind provides risk assessment based on negative news, company data, sanctions, politically exposed persons (PEPs) and watch lists, and court and arrest data.

Oracle and Arachnys: Gain Investigation Insight (PDF)

Access 23,000 data sources with Arachnys.

Privacy-protected information sharing (PDF)

With Duality, Oracle Financial Crime and Compliance Management customers can collaborate with each other on their AML programs while preserving privacy, security, competition, and regulatory compliance.

Empower enterprise case management

Leverage a natural language investigative assistant and reduce false positives with Unscrambl.

Seamless 314(b) Sharing

Manage your entire 314(b) program with Fintel.

Transform financial crime technology

Transform financial crime technology

Learn more about how advanced analytics can streamline your financial crime and compliance program.