This document will continue to evolve as existing sections change and new information is added. All updates appear in the following table:
| Date | Module | Feature | Notes |
|---|---|---|---|
| 08 SEP 2023 | Compliance Agent | Updated document. Added new features for the 23.9.1 release of OFSCA. | |
| 07 SEP 2023 | Created initial document. |
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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. |
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|---|---|---|---|---|---|---|
| Feature |
Report |
UI or |
UI or |
|
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Financial Crime and Compliance Management
This document provides the high-level enhancements for Release 23.9.1 of Oracle FCCM Cloud Service. For more information about this product, see Documentation. Known Issues and Maintenance Pack information can be found at MOS.
This release introduces Oracle Financial Services Transaction Filtering Cloud Service (TFCS)— a Sanctions screening system that scans payment messages associated with a financial transaction for individuals and organizations that have been identified on watchlists, private watchlists, prohibited lists, or contain keywords that may be restricted or sanctioned. The application enables you to integrate with the payment system, accept messages from any source system, and scan them against different watch lists maintained within the application to identify any suspicious data present within the message. TFCS can scan messages in SWIFT MT, Fedwire, and ISO20022 (Sepa, SWIFT MX, custom XML format) using a Real-Time API that is connected with a source banking system. Real-time decision-making is enabled in TFCS through integration with Oracle’s case management tool.
Real-Time Decision Making Via Case Investigation
TFCS is integrated with Oracle’s case management to allow you to view and take action on cases created as a result of your matches. Essential information is displayed, such as entity details, a case summary, and the details of events associated with this case or related cases, along with a Transaction Filtering summary. You can view matches in the Events tab and make decisions against each match, and view match-level watchlist details or the raw message with highlights.
The Audit History displays a record of all actions taken on the case.
Easily viewing case information supports efficient and accurate investigations.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
Tunable parameters allow you to reduce false positives to meet your institution’s requirements. You can also create and manage private watchlists, and create specific prohibited lists based on identifier, country, city, goods, and ports. Using TFCS, users can view cases based on configurable high, medium, and low priority. TFCS index management allows users to view and manage both out-of-box and subscription-based watchlists.
Synonym Management enables better matching by allowing you to define synonyms commonly used for countries, individuals, organizations, and more. The in-built metering system allows you monitor transaction scans, while the pre-configured reports provide insight into your data
TFCS provides a robust and transparent mechanism for reducing false positives, which increases efficiency and allows investigators to focus on meaningful cases.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
TFCS enables you to quickly analyze batch success and failures using the Batch Jobs capability and view a pipeline history to manage any errors. Match rules and scores are displayed, allowing users to know why an event has been triggered. The Process Modelling Framework allows you to view which actions are expected in the workflow and see the status of the case inside the workflow. You can also view an audit history of changes made to the case and at the application level.
Increased transparency throughout the monitoring process empowers institutions to identify and prevent risky behaviors.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
OFS Compliance Agent (OFSCA) is an AI powered experimentation platform to measure the performance of your Transaction Monitoring System (TMS), discover insights that surface opportunities and gaps, optimize the system's performance and gather evidence to support your decisions.
Assess Risk of New Offerings – Account Products
OFSCA now allows users to assess the risk resulting from offering new account products to customers.
This helps users to more objectively quantify the risk instead of relying on qualitative risk assessments.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources
Alert Volume Estimation Enhancements
OFSCA can now produce more realistic alert volume estimates resulting from changes to scenario thresholds.
Users can estimate the alert volume impact of any changes to scenario thresholds without running scenarios on actual historical data, saving time and resources.
Steps to Enable
You don't need to do anything to enable this feature.
Key Resources