Recent Posts by John Edison

How midsized banks are approaching SaaS for anti-money laundering Anti-money laundering (AML) software as a service (SaaS) solutions are making headway at financial institutions., Research firm Celent reported in 2019 that “data recently compiled on more than 3,000 AML transaction monitoring systems in production in the U.S. show that more than half are deployed off-premise. Some two-thirds of the off-premise systems are on the cloud (the other third are traditional...

Why an end-to-end anti-money laundering system is preferable to fragmented systems Chief compliance officers at many midsized banks are under pressure to support ambitious growth plans, meet heightened expectations for customer experience, and assess transaction patterns that have changed due to COVID-19 – all while meeting the same compliance and performance standards as large banks. These pressures can be challenging to navigate, and not only because midsized banks often...

We’re pleased to announce that the entire suite of Oracle Financial Crime and Compliance Management (Oracle FCCM) enterprise applications is now validated on Oracle Cloud Infrastructure (OCI). This announcement is great news not only for chief compliance officers, whose teams use these applications, but also for chief technology officers who can now bring this suite of mission-critical applications along on their company-wide journey to the cloud. In this blog post, I provide...

Midsized financial institutions must pay close attention to anti-money laundering Midsized financial institutions (with $1 billion - $10 billion in assets) play an essential role in our financial system, especially in the U.S. where banks with less than $10 billion in assets represent 14% of the market and 97% of the total number of banks. Unfortunately, midsized banks are no less vulnerable to money laundering than larger banks. While cases of money laundering at midsized...

Financial institutions need a way to share financial crime information securely The fight against financial crime has always been a team effort, with success driven by good communication and collaboration within anti-financial crime programs at financial institutions. There is also an ongoing trend toward collaboration among financial institutions in the form of information sharing. In the United States, section 314(b) of the USA PATRIOT Act permits two or more financial...

Financial institutions are striving to boost efficiency across anti-money laundering (AML) programs by automating processes. However, they are constrained by ineffective risk scoring and the resulting high false-positive rates; automated decisions are only as accurate as the data they are based on. As we see it, the main reason that client and entity risk scores tend to be so inaccurate is that most anti-money laundering systems define risk too narrowly, through a single...

Meet the New Oracle Financial Crime and Compliance Management Cloud Service I’m pleased to share that Oracle has launched the Financial Crime and Compliance Management Cloud Service, a suite of cloud-based anti-money laundering applications for midsized financial institutions. Over more than 20 years, Oracle has helped the world’s largest financial institutions fight money laundering. Together, we have taken this time-tested expertise and tailored it to meet the needs of...

By John Edison, Global Head of Financial Crime and Compliance Management Products, and Garima Chaudhary, Financial Crime and Compliance Management Specialist, Oracle Financial Services Why Financial Institutions Should Consider Modernizing their Anti-Money laundering Programs Increasingly sophisticated criminal schemes. Transnational criminal networks. Customer expectations for superior products, customer experience, and security. Chief Compliance Officers (CCOs) at banks and...

The disruption and uncertainty created by COVID-19 has slowed business execution across all aspects of businesses. Anti-financial crime and compliance functions are no exception. However, the challenges and pressures of fighting money laundering and other financial crimes have not eased. Instead, the current environment is making the need to drive efficiency and effectiveness across anti-financial crime programs even more urgent, as financial institutions must squeeze more...