BNZ money laundering detection goes to Oracle
The Bank of New Zealand will engage Oracle’s financial services to ramp up its detection of money laundering
The Australian-owned BNZ says it will deploy multiple Oracle financial services as part of the bank’s expanded financial crimes management initiative, which focuses on improved threat detection of money laundering and terrorism-funding.
This is to assist it in meeting increasingly complex regulatory requirements due to changes in legislation around the monitoring of money laundering – the Anti-Money Laundering and Counter Funding of Terrorism bill (AML/CFT). The bill becomes law in June 2013.
“Increasingly sophisticated financial crimes pose new business and reputational risks, elevating the urgency for expanded prevention and management initiatives at financial institutions worldwide,” said S. Ramakrishnan, group vice president and general manager of Oracle financial services analytical applications.
He says the service enables BNZ to actively assess risk and controls, "dig deeper with ad-hoc analysis capabilities and comply with regulatory and internal mandates – all within a single, enterprise-class platform.”
BNZ already has anti-money laundering and counter terrorism financing mechanisms in place.
“The AML/CFT legislation builds on that, including further assessing the money laundering and terrorism financing risk we face as a financial organisation," says BNZ products and operations director Shelley Ruha.
BNZ changed its fraud regulations last June which put the onus oncustomers to be cautious about what they download on smartphones. if they wanted the bank to cover fraud liability arising from phishing.
BNZ's changes meant customers are deemed to have agreed not to download applications to their phone or computer from "untrusted or unknown sources", or leave their phone in a place where it could be accessed by others.
BNZ could refuse to pick up the tab for any fraud losses if customers breached those or several other new conditions imposed by the bank which contributed to a fraud. The bank requires customers to update to the latest available software on their mobile phones, although they are not obliged to run the latest security software.