Oracle Financial Services Currency Transaction Reporting

On July 4, 2012 Oracle Financial Services, business division of Oracle corporation, presented the solutions Oracle Financial Services Currency Transaction Reporting and Oracle Financial Services Currency Transaction Reporting Analytics, aiming to help financial institutions to provide observance of the new rules introduced recently by the FinCEN (1) organization and providing new, electronic, a format of submission of reports on currency transactions (CTR).

The new solution allows banks to consolidate and optimize processing of transactions with cash and also to generate and submit electronic CTR reports using a single corporate platform. Banks will also be able to gain a complete information idea of all transactions with cash for the expired day that helps to provide observance of regulatory requirements and increases efficiency of the reporting.

"Need to provide by March 31, 2013 observance of the entered FinCEN of an electronic format of submission of reports on currency transactions begins to prevail already today over financial institutions as they weigh the opportunities, – S. S. Ramakrishnan, the senior vice president and the CEO of the Oracle Financial Services Analytical Applications direction emphasized. – The solution Oracle Financial Services Currency Transaction Reporting allows banks to manage a full stroke of the reporting (from record of the cashier before submission of the closing statement in an electronic format) within a single platform. It facilitates observance of regulatory requirements and at the same time provides important information on all daily transactions with cash and also on historical trends that can help to improve processes and to reduce risks".

With the solution Oracle Financial Services Currency Transaction Reporting banks can automatically and precisely consolidate all process of preparation of reports on currency transactions – from records of cashiers, automatic aggregation of data and generation of CTR reports before registration of monetary documents for accounting and management of tax releases (exemptions) and up to preparation and electronic submission of required closing statements.

Joint work of the solutions Oracle Financial Services Currency Transaction Reporting and Oracle Financial Services Currency Transaction Reporting Analytics allows banks to estimate the current movement of cash, to perform monitoring and to control performance of indicators of CTR and also to define trends for last periods to avoid in the future problems with observance of regulatory requirements. Besides, new solutions accelerate process of preparation of the electronic and enterprise-wide internal reporting.

The solutions Oracle Financial Services Currency Transaction Reporting and Oracle Financial Services Currency Transaction Reporting Analytics are offered on the Oracle Financial Crime and Compliance Management platform.

1. FinCEN or Financial Crime Enforcement Network is network on prevention of financial crimes; structure as a part of the State U.S. Treasury.