Blog: VPBank, Oracle Recognised for Outstanding AML Programme Implementation – Regulation Asia

Singapore/Hong Kong, 22 November 2022 – VPBank and Oracle Financial Services have been awarded Outstanding Project – AML Programme Implementation in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.

This award recognises the implementation of a comprehensive AML programme at VPBank, the first of its kind in Vietnam and a significant upgrade from what the bank had in place previously. The project was undertaken at a time when Vietnam was opening up its economy and financial services were increasingly shifting online, introducing new financial crime risks that were causing alarm for domestic regulators.

VPBank deployed Oracle’s Financial Crime and Compliance Management Solution Suite, covering customer onboarding, name screening, KYC and due diligence workflows, transaction filtering and transaction monitoring. Oracle was credited for the support it provided during implementation, its expertise and knowledge of the business requirements, and its ability to adapt to regulatory change and customise the solution’s matching rules to effectively screen Vietnamese names.

The implementation led to a significant reduction in manual work, resource optimisation and business process efficiencies, improved decision-making, and reduced operational costs. In addition, a 50 percent reduction in false positive alerts was observed, along with a 20 percent reduction in investigation times, improvements in the customer experience, and the detection of 100 blacklisted individuals attempting to trade public securities in Vietnam.

“VPBank was able to uplift its internal capabilities with Oracle’s solution and adopt many of the global best practices for managing financial crime risk,” said one judge on the Regulation Asia awards panel. “Using a single enterprise-wide platform, VPBank and Oracle were together able to comprehensively overcome significant data challenges, implement advanced analytics and machine learning capabilities, and ultimately create a safer operating environment for the bank and its customers. Well done!”

About the Regulation Asia Awards for Excellence 2022

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.

For a full list of the award 2022 winners, visit www.regulationasia.com/awards.

About Regulation Asia

Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.

Visit www.regulationasia.com or connect via LinkedIn or Twitter.

 

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