This document will continue to evolve as existing sections change and new information is added. All updates appear in the following table:
| Date | Product | Feature | Notes |
|---|---|---|---|
| 24 NOV 2021 | Created initial document. |
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Financial Crime and Compliance Management
This document provides the high-level enhancements for Release 21.11.1 of Oracle FCCM Cloud Service. For more information about this product, see Documentation. Fixed issues and considerations can be found at MOS.
New scenarios allow organizations to detect behaviors of interest related to change in behaviors and transaction activity.
- Escalation in Inactive Account -Account focus: This scenario generates an alert for accounts that are inactive for a predefined period and then have a sudden escalation in activity. It identifies accounts that may be considered to be at risk based on the number, amount, or a large portion of recent transactions in contrast to its previous dormant status. The client’s risk exposure is greater for outgoing funds relative to incoming funds. The system then monitors significant withdrawal activity at more stringent thresholds than deposit activity.
- Rapid Movement of Funds: All Activity- Account focus: The scenario detects both new accounts and more seasoned accounts that move transactions of all types in and out of an account or accounts within a specified Lookback Period. The scenario can take into account the amount or velocity of funds through the account relative to the account balance or net worth.
- Transactions in Round Amounts -Account focus: This scenario detects patterns of EFT or monetary instruments in round amounts that in the aggregate satisfy specified thresholds.
Transaction Monitoring now enables Data Administrators to create additional columns in the Staging and Business tables used to upload data into the application and ingest that data. This allows Oracle clients to provide additional data to the default data required to successfully run the application, which helps them quickly adjust their coverage to address emerging risks and topologies.
Users can view an enhanced interactive network diagram of the entities, such as accounts, customers, and external entities, that are involved in the selected case, as well as the relationships between them.
Users can view an interactive graphical representation of all the transactions for all the customers involved in the selected case within the defined time period. This helps investigators identify patterns of expected customer activity.
Enhancements were made to provide additional Smart Case Search functionality, allowing users to select from multiple operators to quickly find cases which meet the selected search criteria.
Further user interface enhancements were made to improve performance and enhance user experience, including the ability to create, add, and delete case tags.
The Case Management solution provides a redesigned Administration User Interface to improve user experience.
KYC Analysts and Investigators can now view complete details for all customer risk assessments created during KYC deployment initiation and daily batch processes, with risk category and KYC risk score, regardless of whether a particular risk assessment has been promoted to a case for manual investigation.
The new KYC Batch type allows financial institutions to manually investigate High risk KYC batch cases for deployment initiation and daily batch processing. A new workflow helps analysts investigate, perform actions on the case, and close this case type. Cases of this type provide:
- Case Information, with details of the customer (including customer name, batch type that triggered the risk assessment for this case, KYC risk category and risk score)
- Key KYC and demographic details of customer and interested parties
- Detailed risk assessments of customer and interested parties
The KYC Batch RA Creation job has been added to support this case type by creating risk assessments for customers and interested parties as part of KYC batch monitoring for specific jurisdictions.
Users can view an interactive graphical representation of the risk scores for the risk assessments which have been conducted for customers involved in the selected KYC case within the defined time period.
Users can view an interactive network diagram of the customers and interested parties involved in the selected KYC case.
Customer Pre-filter Configuration
The Customer Pre-filter configuration feature filters the pool of customers to be risk assessed in KYC Batch cases. You can filter by specific criteria, such as Jurisdiction, Age of Customer, business risk and geographical risks, or by risk assessment, such as Deployment Initiation (all existing customers are risk assessed on the day KYC goes live) and Daily Batch (used for periodic review, new account review and Accelerated Re-reviews).
The Know Your Customer solution has redesigned its Administration User Interface and master data screens to provide an improved user experience. In addition, the KYC Customer Administration user interface has been enhanced to provide the following new features:
- Risk Element Configuration: This menu helps administrators configure various risk elements/attributes used in business check rules and algorithmic scoring model for risk assessing onboarding prospect and existing customers.
- Periodic Review Assessment Configuration: This menu helps administrators configure the next periodic risk assessment time-line (in months) for each KYC risk category (High, Medium & Low risk) for specific jurisdictions. For example, in the AMEA jurisdiction, High risk category customers could be risk assessed in the next 9 months, Medium risk in the next 24 months, and Low risk in the next 36 months.
The KYC Prospect Risk Assessment and KYC Onboarding Case Management User Interface has been redesigned to provide an improved user experience.