New Oracle AI-powered Cloud Service Helps Banks Mitigate Anti-Money-Laundering Risks [Yahoo! Finance]
Oracle Corporation (ORCL)
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Source: Yahoo! Finance
HOLLYWOOD, Fla. April 8, 2024 /PRNewswire/ -- ACAMS The Assembly Hollywood -- With $5.05 trillion expected to be laundered this year alone, banks are struggling to keep up with the cost and complexity of compliance. To help address this massive challenge, Oracle Financial Services today introduced Oracle Financial Services Compliance Agent . The AI-powered cloud service enables banks to run inexpensive, hypothetical scenario testing to adjust thresholds and controls to sort through transactions, identify nefarious activity, and meet compliance requirements more effectively. "AI and machine learning have tremendous potential to increase the effectiveness of anti-money laundering and other financial crime detection programs to deliver higher efficiencies in the transactional modeling process," said Jason Wynne , global vice president of finance, risk and compliance product development, Oracle Financial Services. "Putting Compliance Agent in the hands of financial-crime compliance off
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ORCL
Earnings
- 3/11/24 - Beat
ORCL
Sec Filings
- 4/26/24 - Form 11-K
- 4/26/24 - Form 4
- 4/26/24 - Form 4
- ORCL's page on the SEC website