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 |
|---|---|---|---|
| 18 AUG 2022 | Created initial document. |
HAVE AN IDEA?
We’re here and we’re listening. If you have a suggestion on how to make our cloud services even better then go ahead and tell us. There are several ways to submit your ideas, for example, through the Ideas Lab on Oracle Customer Connect. Wherever you see this icon after the feature name it means we delivered one of your ideas.
GIVE US FEEDBACK
We welcome your comments and suggestions to improve the content. Please send us your feedback at oracle_fusion_applications_help_ww_grp@oracle.com.
DISCLAIMER
The information contained in this document may include statements about Oracle’s product development plans. Many factors can materially affect Oracle’s product development plans and the nature and timing of future product releases. Accordingly, this Information is provided to you solely for information only, is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described remains at the sole discretion of Oracle.
This information may not be incorporated into any contractual agreement with Oracle or its subsidiaries or affiliates. Oracle specifically disclaims any liability with respect to this information. Refer to the Legal Notices and Terms of Use for further information.
Column Definitions:
Report = New or modified, Oracle-delivered, ready to run reports.
UI or Process-Based: Small Scale = These UI or process-based features are typically comprised of minor field, validation, or program changes. Therefore, the potential impact to users is minimal.
UI or Process-Based: Larger Scale* = These UI or process-based features have more complex designs. Therefore, the potential impact to users is higher.
Features Delivered Disabled = Action is needed BEFORE these features can be used by END USERS. These features are delivered disabled and you choose if and when to enable them. For example, a) new or expanded BI subject areas need to first be incorporated into reports, b) Integration is required to utilize new web services, or c) features must be assigned to user roles before they can be accessed.
| Ready for Use by End Users Reports plus Small Scale UI or Process-Based new features will have minimal user impact after an update. Therefore, customer acceptance testing should focus on the Larger Scale UI or Process-Based* new features. |
Customer Must Take Action before Use by End Users Not disruptive as action is required to make these features ready to use. As you selectively choose to leverage, you set your test and roll out timing. |
|||||
|---|---|---|---|---|---|---|
| Feature |
Report |
UI or |
UI or |
|
||
Financial Crime and Compliance Management
Case Tags are used to help investigators quickly identify cases which meet specific criteria. The Case List page now displays case tags by default, and can be added when creating custom views.
Users can add tags to cases in the Case Details page, with added auto-recommendation of case tags based on certain case attributes. Each recommended tag carries a confidence score to help investigators make their choices faster and easier, and the recommendations will keep evolving based on their inputs.
Investigators can quickly identify cases which meet specific criteria.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
Case Management -related reports have been added to the FCCM Admin Console, which enable admin users to generate and download reports for the number of cases or events generated by type or by date.
CM reports allow administrators increased accessibility to cases and events.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
Primary Entity functionality for KYC and Customer Screening cases is now supported. Prospects and Candidates can be automatically identified for KYC and CS Real-Times cases.
Investigators can also specify the Primary Entity when manually creating cases.
Identifying the primary entity of a case allows investigators to focus their investigation.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
The user interface has been updated to optimize end user experience and improve performance. A new document management system has been implemented for better performance and increased security. In addition, the following updates were made:
- In Customer Details, a new tab "IDV Documents" displays the list of ID verification documents for the customer.
- A new "Export” function has been added to the Dashboard tab for AML cases. This allows investigators to export selected transactions into spreadsheets.
- Users can filter the Dashboard for AML cases, to locate suspicious transactions more accurately and efficiently.
- Date-related fields have been updated to display hours and minutes to reflect more accurate timing in cases.
- The "Search" bar in the Case List page is disabled when there is no search criteria entered, preventing unhelpful searches.
- When a pop-up window opens, the background windows are disabled, preventing unwanted clicks.
Enhanced performance and increased functionality help users efficiently and accurately disposition cases.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
KYC performs Real-time Risk Assessment for every new prospect. If the prospect is risk assessed as high, a KYC Onboarding case is created. After the investigation, the prospect is either rejected or on boarded. After the prospect is on boarded as a customer, the new customer and account details are provided as part of staging data. During the daily New Account Review, the new account is picked up and risk assessment for the customer is performed. If the risk assessment is high, a case would again be created for investigation, creating a duplicate case for the customer, who has been risk assessed as a prospect just before onboarding. These duplicate cases can now be suppressed to prevent investigators from re-investigating the prospect who was already investigated and onboarded.
Suppressing these duplicate cases prevents investigators from re-investigating the prospect who was already investigated and onboarded.
Steps to Enable
You don't need to do anything to enable this feature.
Tips And Considerations
To suppress such duplicate cases, update the f_kyc_review_trigger_flag field of the Stg_Party_Account_Role_Map staging table. Valid values are “Yes”, “No”, or blank. If the value is “No”, then the duplicate KYC batch case will not be created.
Key Resources
- Refer to our documentation.
Investigators can now manually promote KYC risk assessment for a primary customer to a KYC batch case, if required. This represents a new case type available for Manual Promote To Case (MPTC). While promoting the risk assessment to a case, the user must select the appropriate reason and enter comments, which provide an explanation of why the risk assessment was manually promoted to a case. This audit information is displayed under the risk assessment and case details.
If a risk assessment for a prospect is manually promoted to a case, the system sets the Onboard Flag to No. The flag will change based on the Case Closure action (either Accept or Reject the prospect).
When using MPTC with KYC Onboarding cases, investigators can now select the reason the event was promoted to a case, and provide any comments. This information is captured in the Audit History in the Case Details.
Allowing investigators to manually promote risk assessments to cases ensures more accurate investigations. Providing a record of why the promotion occurred helps auditors understand the actions taken by the investigator.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
A new canned report has been published to provide the details of every KYC real-time onboarding request. It captures key details including KYC Application ID, KYC Request ID, Created Date Time, Request JSON fields, and Response JSON fields.
Greater transparency around Real-Time Onboarding requests.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
Prospect & Customer Relationships
Users can now identify and link relationships between newly onboarded customers (Party ID) with the corresponding prospect detail (Applicant ID). You can view the associated KYC Onboarding case details in Relationship tab of the KYC Batch case.
Two staging tables have been added to the data model to support this feature.
Investigators can view the complete risk assessment details for a customer right from the day of onboarding.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
Risk Score Override & Recomputation
For KYC Batch and KYC Onboarding cases, investigators can manually override the KYC risk score. The system computes the new risk category based on the new risk score and provides feedback to the KYC application when the case is closed.
For KYC Batch cases, investigators can also override the KYC Risk Category and Next Review Date. The new KYC Risk Category and Next Review Date are computed based on your configured policy.
This is typically helpful when an otherwise low risk prospect is risk assessed as high due to the KYC risk scoring policy configured by the financial institution, but the institution wants to assign a low risk category with proper investigation comments and onboard the prospect. This also helps bank to explain and submit a report to regulators or the internal audit team.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
The user interface has been updated to support additional features and functionality,
- A new help icon has been added to the Case Details. Click this icon to view the risk category details for respective risk score band.
- In Customer Details, a new tab "IDV Documents" displays the list of ID verification documents for the customer.
- New fields have been added to support Manual Promote To Case updates.
Investigators can view additional information within the current case, enhancing their ability to accurately disposition the case.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
Watchlist disposition helps KYC Onboarding case investigators decide whether a prospect can be on boarded or rejected or whether further due diligence is required. Investigator can dispose watchlist matches (like Sanctions/PEP/EDD matches) for primary/secondary prospects as part of KYC onboarding case investigation. Matches can be disposed as True Positive or False Positive. If any of the matches for a prospect are disposed as false positive, investigators can re-compute the KYC risk score for the prospect. Any KYC Risk Score changes are then updated in the case details.
As part of the KYC Onboarding case UI, new fields “KYC Score (Undisposed)” and “Risk Category (Undisposed”) have been added to the Risk Assessment Details.
Investigators can quickly disposition KYC Onboarding Cases and re-compute KYC Risk Scores.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
New scenarios allows organizations to detect behaviors of interest related to ATM cards payments. These scenarios monitor sudden increase in foreign ATM withdrawal activities that could be indicative of money laundering or terrorist financing. Financial Institutions can chose which country associated to the account (the country on account addresses or the account’s country of domicile), should be compared with the country of an ATM location to designate a Foreign Transaction.
- Anomalies in ATM, Bank Card: Foreign Transactions – Account Focus
- Anomalies in ATM, Bank Card: Foreign Transactions – Customer Focus
New scenarios allows organizations to detect behaviors of interest related to ATM cards payments.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.
The Oracle Financial Services Philippines Currency Regulatory Reporting Cloud Service (OFS PH CTR CS) application is used to view currency transaction reports and associated E-Files for Philippines currency. Reports are generated in the OFS PH CTR CS application for all covered transactions in alignment with current Anti-Money Laundering Act of 2001 requirements. Users can download reports from CTR CS for submission to the AMLC portal.
Oracle's Regulatory Reporting Cloud Service now supports an additional currency report.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
- Refer to our documentation.