Oracle to help Indian Banks with New Solutions

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Oracle to help Indian Banks with New Solutions 
Intending to help banks mitigate risks while complying with the new Reserve Bank of India's guidelines in the present volatile financial market, Oracle has announced availability of its Financial Crime and Compliance Management (FCCM) solutions in India.

Oracle Financial Services Anti-Money Laundering and Fraud Analytics provides an end-to-end solution that leverages a robust data model and comprehensive dashboard capabilities to deliver a single transparent, holistic view of all financial crime and compliance related activities across the enterprise.

Gaurav Harode, Senior Director, Financial Crime and Compliance Management, Oracle Financial Services, said, "Conventional rudimentary anti-money laundering solutions have put several banks at the brim of facing negative reputational risk. According to a recent announcement by RBI, the number of reported frauds in the Indian banking system over the past decade stands at close-to 1,76,547, and the value is pegged at Rs.31,400 crore."

The RBI has recently revised the KYC (Know Your Customer) norms in the context of the recommendations made by the Financial Action Task Force (FATF) on Anti-Money Laundering (AML) standards and on Combating Financing of Terrorism (CFT). Compliance with these standards........See More

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