A multinational software firm in the United States Oracle introduced a new tool that will help small & mid-sized banks to tackle fraud. The Oracle Financial Services “Anti Money Laundering Express Edition(AMLXE)” designed to detect, investigate, and report suspected money laundering and terrorist financing activity.
They targeted at smaller banks to comply with regulatory norms with a limited budget. It uses new architecture principles to offer quick deployment on premise or on cloud infrastructures allowing firms to transition at reduced implementation costs.
The solution includes an in-built library with scenarios have the ability to detect money laundering behaviors. The solution designed to allow visual scenario configuration, reducing coding overheads, and enabling easy adaption to ever-changing compliance demands.
Founded: 16 June 1977
Headquarters: Redwood City, California, U.S
Founders: Larry Ellison, Bob Miner, and Ed Oates