Bank of New Zealand Selects Oracle's Financial Crime and Compliance Suite
The Bank of New Zealand (BNZ), a subsidiary of the National Australia Bank Group, has selected Oracle Financial Services Financial Crime and Compliance Management suite to help it manage anti-money laundering (AML) and countering financing of terrorism (CFT) initiatives and compliance requirements.
The unified surveillance and compliance platform will enable BNZ to gain enterprise-wide visibility into potential money laundering and terrorist financing activities, expand detection and analysis capabilities, improve efficiency in meeting increasingly complex regulatory requirements and assist with managing ongoing compliance costs.
“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 – product and operations, BNZ. “Oracle Financial Services Financial Crime and Compliance Management solutions will enable us to automate financial crime surveillance and compliance processes, extend visibility across our growing organisation, and effectively comply with regulations while managing our ongoing compliance costs.”