Recent Posts by Jenna Danko

Blog By: Garima Chaudhary, Oracle Financial Services Financial Crime and Compliance Management Specialist. Financial institutions rely on deterministic rules to cull the transactions and pick out potentially suspicious transactions as part of their Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) program. When a transaction is flagged, a notice (case) is generated and a procedure for resolving the red flag is enforced.  Generally, these rules generate cases...

Blog By: Julien Mansourian, Strategy and Transformation Executive. Blockchain is a sequential distributed and encrypted database found in cryptocurrencies derived from Bitcoin. It has become a tool for maintaining transparent and distributed ledgers that can verify transactions, including financial ones, with minimal third party involvement. Blockchain is distributed in the sense that the ledger is not held in a central location but rather spread across a network of computers...

Blog By: Garima Chaudhary, Oracle Financial Services Financial Crime and Compliance Management Specialist. Some time ago, in my Top 3 Trends Transforming AML Programs post, I discussed how Machine Learning would be one of the top three trends in transforming an Anti-Money Laundering (AML) program. Extending the same thread, in this post I will discuss current key challenges and how to tackle them with Machine Learning and Artificial Intelligence (AI). It has been a challenge...

Blog By: Julien Mansourian, Strategy and Transformation Executive. The purpose of an Anti-Money Laundering application is primarily to enable the reporting entities (finance-related industries) to detect and disclose any suspicious transactions above a predefined threshold (depending on jurisdictions) by compiling and submitting a SAR (Suspicious Activity Report) to FIUs (Financial Intelligence Units). The report includes information about known or suspected violations of law...

Blog By: Julien Mansourian, Strategy and Transformation Executive. In the 90’s, we talked about Enterprise Resource Planning (ERP), an integrated Business Process Management (BPM) software that was designed and built to centralize the management of front-end and back-end business functions, such as SRM, PLM, SCM, CRM, HCM and Accounting, etc. Companies were eager to implement ERPs to replace or consolidate their distributed/fragmented application landscape and end...

Blog By: Garima Chaudhary, Oracle Financial Services Financial Crime and Compliance Management Specialist. In recent years, law enforcement agencies have emphasized efforts to track and prosecute money laundering that occurs through financial institutions, as compared to focusing on money laundering resulting from fundamental criminal violations, such as fraud, drug crimes, tax evasion, or corruption. Federal prosecutors are looking instead at weaknesses in the internal...

Blog post by Julien Mansourian, Strategy and Transformation Executive, Oracle Financial Services Analytical Applications. FinTech is going through a significant innovation change, which is impacting the overall banking operating model and consequently the current techniques used to comply with regulations. Exploring sophisticated, innovative and cost-effective technology platforms to meet the regulatory compliance requirements is in motion and banks will certainly leverage the...

Blog by Garima Chaudhary, Oracle Financial Services Financial Crime and Compliance Management Specialist. In my previous post, I discussed the key drivers behind an upgrade and how to determine if upgrading with the existing system provider can be considered a fresh install or a true upgrade. Despite the budget increases, which includes additional personnel, anti-money laundering (AML) efforts remain suboptimal in many organizations. Often, AML initiatives and systems...

Blog by Garima Chaudhary, Oracle Financial Services Financial Crime and Compliance Management Specialist. A well-made transaction monitoring system is a critical component of an effective anti-money laundering (AML) compliance program. It supports efforts to combat money laundering and terrorist financing by helping financial institutions identify unusual or suspicious activity that must be reported to regulatory authorities, and aids law enforcement in tracking and...