Oracle today announced that the First Bank of Nigeria (FirstBank), the oldest banking institution in Nigeria, has successfully deployed Oracle Financial Services Know Your Customer and Oracle Financial Services Regulatory Reporting Solution.
The bank has also upgraded its Oracle Financial Crime and Compliance Management Platform for Financial Services and Oracle Financial Services Anti Money Laundering solutions.
FirstBank is the first in the region to deploy an Oracle Financial Services Know Your Customer and due diligence program, 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.
With 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.
By leveraging a single platform to meet all anti-money laundering, know-your-customer and regulatory reporting needs, FirstBank will be able to significantly reduce operational costs and manage day-to-day operations more efficiently.
FirstBank first 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.
Mojisola Aderinto, Chief Compliance Officer, First Bank of Nigeria said: "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."
S. Ramakrishnan, Group Vice President and Managing Director, Oracle Financial Services Analytical Applications 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, 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."