The Bank of New Zealand, a subsidiary of the National Australia Bank Group, is installing a unified surveillance and compliance platform from Oracle Financial Services to handle its anti-money laundering (AML), countering financing of terrorism (CFT) and other regulatory and screening obligations.
The Oracle Financial Crime and Compliance Management suite will also increase management oversight and, it is hoped, enterprise-wide efficiency, while expanding BNZ’s detection and analysis capabilities.
The suite, due to be rolled out this year, comprises a number of modules and tools, including Know Your Customer software, enterprise case management capabilities and AML/fraud analytics modules that utilise behaviour-spotting software to raise alerts, all of which reports to a central platform to try to assist management oversight.
“Facing new regulatory requirements and a global escalation in financial crime, BNZ has focused on strengthening our threat detection and management capabilities while working to streamline compliance,” said Shelley Ruha, director of product and operations at BNZ, when discussing the contract award. “Oracle Financial Services’ solution will enable us to automate financial crime surveillance and compliance processes, extend visibility across our growing organisation, and effectively comply with regulations.”
By Neil Ainger