Oracle Financial Services Know Your Customer

Oracle Financial Services Know Your Customer allows financial institutions to meet regulatory requirements, improve overall customer relationships, and provides cost-effective measures to identify and prevent financial crimes. The product follows a three-pronged approach to meet end-to-end KYC requirements of financial institutions

• Comprehensive risk scoring to identify threats well in advance to onboarding the customer
• Continuous customer monitoring with integrated alert mechanism to validate any profile changes
• Enhanced due diligence process aided by inbuilt case management investigation tools to adjudicate any customer’s risk assessment

Oracle Financial Services Know Your Customer is a sub component of Oracle FCCM. The application shares the same data model with other FCCM applications, and thus offers users a truly unified AML and KYC coverage. Once the client’s data is loaded, their accounts and customers are risk rated and reviewed through case management for Enhanced Due Diligence (EDD). OFS KYC also offers a rich set of operational business intelligence reports

• Out-of-the-box globally accepted risk model that supports multi-country, multi-jurisdiction KYC regulation requirements across business types including beneficial owners regulations.
• Continuous 360° customer monitoring for risks throughout the life of the customer relationship
• Extensible data model, reducing implementation time and costs
• Ability to manually promote assessments to cases, providing greater flexibility during on-boarding assessment
• Real-time and batch interfaces to integrate with other systems
• An advanced, enhanced due diligence process to enable quality investigations without increasing costs
• Standard integration with other Oracle Financial Services Financial Crime and Compliance Management applications, as well as third party systems
• KYC review process for both prospects and existing customers covering due diligence and enhanced due diligence when requried.

• Meet local and global AML/CFT regulatory requirements with standard risk scoring models
• Employ efficient due diligence processes and enable multi-jurisdiction, multi-country customer risk scoring using a single instance
• Improve account and customer on-boarding processes
• Reduce customer risk exposure on the front lines and enhance customer relationships
• Achieve end-to-end compliance by leveraging core capabilities with Oracle Financial Services applications
• Utilize standard interfaces exchange information with third party systems