One of the leading oldest banks in Nigeria, First Bank plc has gone to Oracle for its financial services deployments.
This
fellows the successful deployment of Oracle Financial Services Know Your
Customer and Oracle Financial Services Regulatory Reporting Solution. In
addition to upgrading to Oracle Financial Crime and Compliance Management
Platform for Financial Services and Oracle Financial Services Anti Money
Laundering solutions.
With this, FirstBank is the first in
the region to deploy an Oracle Financial Services Know Your Customer and due
diligence programme, which enables the bank to meet rigorous regulatory and
reporting obligations.
The integrated components of Oracle
Financial Services Know Your Customer, Oracle Financial Services Anti Money
Laundering, and Oracle Financial Services Regulatory Reporting Solution,
as part of the overall Oracle Financial Crime and Compliance Management
Platform, enable the bank to accomplish a risk-based transaction monitoring
program, to monitor suspicious and fraudulent activities and help to combat
financial crime.
The deployment of Oracle Financial
Services Know Your Customer, which is fully integrated with Oracle Financial
Services Anti Money Laundering, also enables automated customer risk profiling,
so FirstBank can have a 360-degree view of their customers’ activities for easy
monitoring purposes.
Confirming this, Chief Compliance
Officer, First Bank of Nigeria, Mojisola Aderinto, noted that with the Oracle
Financial Services Regulatory Reporting Solution, FirstBank is the first bank
in the region to successfully implement an automated system for the creation
and filing of Suspicious Transaction Report.
According to Aderinto, by leveraging
a single platform to meet all anti-money laundering, know-your-customer and
regulatory reporting needs, FirstBank would be able to significantly reduce
operational costs and manage day-to-day operations more efficiently.
Aderinto, pointed out that FirstBank
initially deployed Oracle Financial Services Anti Money Laundering in 2007 and
its satisfaction with this investment led to it choosing Oracle to allow it to
meet its compliancy and management objectives.
“Complying with regulatory
requirements and fighting financial crime are key priorities for First Bank of
Nigeria. Oracle Financial Services Anti Money Laundering has successfully
supported our bank’s objectives for the last five years, so Oracle with its
proven track record in financial services, was our obvious partner to help
deploy the integrated solution, including Oracle Financial Services Know Your Customer, to meet government and business regulations,” Aderinto said.
Equally commenting, the Group Vice
President and Managing Director, Oracle Financial Services Analytical
Applications, S. Ramakrishnan, said it is essential that financial institutions
like First Bank of Nigeria take a strategic enterprise-based approach to
monitoring financial crime and regulatory reporting -- for its own benefit and
the customers.
As an industry leader, Ramakrishnan
said, Oracle continues to advise and help financial institutions to formulate a
compliance management strategy with the aid of Oracle Financial Crime and
Compliance Management Platform. Not only does it help institutions achieve
their regulatory goals, but it also helps to position them positively in the
market place, like it has for the First Bank of Nigeria.”
Remmy Nweke
ITREALMS Online ... delivering news for ICT4D
1 comment:
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Know Your Customer
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