This document will continue to evolve as existing sections change and new information is added. All updates appear in the following table:
| Date | Product | Feature | Notes |
|---|---|---|---|
| 25 JUN 2021 | Created initial document. |
This guide outlines the information you need to know about new or improved functionality in this update.
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Oracle Financial Crime and Compliance Management Cloud Service
This document provides the high-level enhancements for Release 21.6.1 of Oracle FCCM Cloud Service. For more information about this product, see Documentation. Fixed issues and considerations can be found at MOS.
Financial Services Crime and Compliance Management Cloud Service is now available from a data center in Frankfurt, Germany, which meets European Union (EU) data jurisdiction guidelines.
New scenarios allow organizations to detect behaviors of interest related to change in behaviors and transaction activity.
- CIB: Significant Change from Previous Average Activity: This scenario identifies accounts that may be considered to be at risk by monitoring electronic funds transfers, check, monetary instrument, cash and journal activity and detecting significant changes from the average of previous monthly transaction activity.
- CIB: Significant Change from Previous Peak Activity: This scenario is targeted to accounts that have a volatile historical behavior. The scenario monitors electronic funds transfers, check, monetary instrument, cash, and journal transactions; and detects significant changes from the previous monthly peak transaction activity.
- CIB: High Risk Geography Activity: This scenario identifies accounts that may be considered to be at risk by monitoring for electronic funds transfers, check, and monetary instrument activity involving high risk geographies and detecting significant changes from the previous monthly high-risk geography transaction activity.
- CIB: Foreign Activity: This scenario identifies accounts that may be considered at risk by monitoring for foreign electronic funds transfers and check transactions and detecting significant changes from the previous monthly foreign transaction activity.
- Transactions in Round Amounts: This scenario detects patterns of EFT or monetary instruments in round amounts that in the aggregate satisfy specified thresholds.
The Transaction Monitoring solution provides an Audit History of changes made to pipelines or threshold configuration. This allows users to review changes made to a scenario before approving or rejecting the updates and to detect and mitigate the risk of internal employee manipulation, as required by auditors and regulators.
Oracle Financial Services Crime and Compliance Management Cloud Services provides a set of generic reports administrators can view and download, which can be used to validate overall data.
The Customer Screening solution supports the following additional watch lists.
- Dow Jones (DJW)
- European Union (EU)
- United Nations (UN)
- HM Treasury (HMT)
Customer records are matched against watch list records within +/- five years. For SAN records, the risk score is boosted if a match is within this range. For PEP/EDD records, matches are eliminated if outside the range.
The Watch List Categorization feature allows organizations to categorize and match World-Check and Dow Jones watch lists records with heightened risk individuals and organizations from around the world to help identify and manage financial, regulatory, and reputational risk. This feature permits screening for Sanctions (SAN) and Enhanced Due Diligence (EDD) or Politically Exposed Persons (PEPs), State-Owned Entities (SoE), and Instrumentalities of State (IOS) records.
The Watch List Filter widget allows users to select whether or not to include specific watch list record categories, such as Sanctions (SAN), Enhanced Due Diligence (EDD), or Politically Exposed Persons (PEPs) for screening.
The Customer Screening solution allows administrators to verify that the correct watch list index data has been moved into Elastic Search for screening. Users can select whether to enable specific watch list index files for screening and view basic details for the watch list index file, including the number of records available for screening and the JSON file for the index file.
Australian Suspicious Matter Reporting (AUS SMR)
The Compliance Regulatory Reporting solution allows users to create Australian Suspicious Matter Reporting (AUS SMR) reports identified as necessary through Transaction Monitoring investigations. Once it is determined there is a need to file this report, users can take the appropriate actions and generate an AUS SMR e-file in XML format for submission to AUSTRAC.
The Case Management solution provides a redesigned User Interface to improve user experience. This includes a more comprehensive display of Entity Details.
The redesigned User Interface also allows users to open, view, and take action on multiple cases within the same instance. Each case displays as a separate tab and users may switch between cases.
The Case Audit History feature provides a record of all changes made to a case which can be searched and filtered, with Before/After value where applicable.
The Case Management solution provides a capability that enables redaction of Personal Identification Information in AML cases to help clients achieve GDPR compliance.