Software

Oracle eyes anti-money laundering market in India

InformationWeek, October 24, 2013

To help banks mitigate risks while complying with the new Reserve Bank of India guidelines in the present volatile financial market, Oracle announced the availability of its Financial Crime and Compliance Management (FCCM) solutions in India

 Spanning from insurance, mutual funds and private equity (PE) to banking and foreign direct investments (FDI), the Indian financial services is indisputably one of the most complex sectors. While the complexity of the system has also increased with several banks offering internet and mobile services for users and constantly looking at expanding across regions, it also directly impacts money laundering risk. Unfortunately, most banks in India continue to use traditional solutions to counter money laundering and struggle with multiple back-office systems and silo-ed information.

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 close to 1, 76, 547, and the value is pegged at Rs 31,400 crore.  Our FCCM solutions will not only help Indian banks to address financial crimes and ensure compliance, but will also allow them to reduce regulatory risk by achieving cross-channel coverage and analyze information better to exceed existing global standards in terms of performance.”    

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 has been made obligatory for advancing any international financial relationships.

 

comments powered by Disqus

Subscribe for Newsletter

Stay connected to the best business technology content every week. Subscribe to our daily newsletter now!

Slide Shows

Upcoming Webcast

Turning the Tables on Cyber Attacks

Join Trend Micro for this upcoming webcast as it will delve deeper on the cause and effects of these responses against cyber attacks. The Speakers will tackle existing real-world developments showing how market forces, private companies, and law enforcement agencies react to the ever-changing threat landscape. They will also discuss how these trends will settle into the global and local market and how cybercriminals are likely to exploit them. Speakers: Macky Cruz, Security Focus Lead, TrendLabs, and Paul Oliveria, Security Focus Lead, TrendLabs. Date & Time: September 4, 2014, 3:00pm India Time