Oracle Financial Services 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. Part of Oracle Financial Services portfolio of anti-money laundering (AML) and financial crime and compliance solutions, Compliance Agent is designed to help financial institutions holistically assess and optimize the performance of their transaction monitoring systems (TMS) more cost-effectively and gather empirical evidence to support business decisions.

With the service, banks can: Compliance Agent can objectively evaluate and measure the AML risk profile of new products and evaluate controls to mitigate these risks cost-effectively, thereby reducing the time to market for new products. The solution also provides the statistical basis needed to reduce conservative bias in deciding AML controls for new products. This is a win for banks that are under pressure to introduce innovative products but must do so without exposing the bank to new avenues of money laundering and incurring extensive and costly assessments.

Compliance Agent can also proactively assess and diminish risks from high-risk typologies, such as human trafficking. For example, based on the results of an experiment, a user can tune the controls and make the TMS more capable of catching these types of suspicious transaction patterns. Fortifying the TMS for potential high-risk typology behaviors keeps banks proactively prepared for the unknown potential attacks specific to those typologies.

This is critical in helping banks stay in good standing with regulators and customers. In addition, Compliance Agent helps compliance teams provide evidence to model risk teams and regulators so that they have the best controls in place for monitoring transactions efficiently and updating those controls to fight the continuously advancing trends in money laundering tactics. Banks can use Oracle's AI-powered analytics to make evidence-based compliance decisions faster and cheaper.

The "what-if" capabilities of Compliance Agent allow users to evaluate multiple options and help them select the most suitable and optimal option. It can also provide insights about controls, such as transaction limits for banking products, for stronger transaction monitoring.