BAE Systems Applied Intelligence has unveiled its enhanced NetReveal suite of anti-money laundering solutions designed to offer clients an end-to-end service that will assist them in addressing ever more rigorous regulatory requirements.
The updated suite builds upon the award-winning solution that was recognised by CEB TowerGroup as being a ‘Best in Class’ provider in relation to anti-money laundering1. NetReveal offers current and prospective clients a range of new capabilities, in turn enhancing their ability to prevent money laundering and terrorist financing as well as manage compliance obligations.
The focus on compliance has never been greater, particularly so given the emergence of multi-billion dollar fines for organisations that fail to meet regulatory standards. Financial markets continue to be targeted by criminal groups, rogue states, terrorist organisations and drug traffickers seeking to fund their illicit activities.
Preventing money laundering and terrorist financing forms a key strand of crime prevention strategies devised by Governments and global financial regulatory bodies. Therefore, it’s vital that financial institutions remain ahead of regulatory requirements and deploy effective anti-money laundering technology solutions that complement internal systems and policies.
Detection, prevention, investigation, disclosure filing
The enhanced suite of NetReveal solutions provides a complete compliance offering with specific modules offering detection, prevention, investigation and disclosure filing functions.
The suite also incorporates updates that reflect the latest anti-money laundering guidance from global financial regulatory bodies, ensuring that clients will be able to address recent regulatory guidance changes around anti-money laundering and counter-terrorism financing.
For their part, end users will be able to cover their compliance journey from on-boarding and risk rating right through to monitoring transactions and performing dynamic ongoing and enhanced due diligence as advocated by regulatory bodies.
Entity-centric detection, list matching, social network analysis and enterprise alert and case management services are all covered thanks to the award-winning NetReveal alert and case management solution. This allows clients to take a multi-tiered approach around detection and investigation and monitor all customer types.
Andy Schmidt, research director at CEB TowerGroup, said: “The anti-money laundering market continues to evolve as controls preventing currency-based laundering still have a significant impact on the market. Additionally, the size and scope of recent high-profile enforcement actions indicates that money laundering activities may shift towards less well-monitored channels such as trade finance, securities and even virtual currencies as gangs and rogue actors seek to keep the funds flowing. This shift requires that financial institutions use anti-money laundering solutions capable of viewing their entire business rather than only select and obvious elements.”
Chris Green, managing director of financial crime at BAE Systems Applied Intelligence, explained: “With the emergence of the modern, hyper-connected global economy and the rise of digital criminality, the threat of money laundering has never been greater. Governments and regulators are responding with ever more rigorous compliance obligations, backed up by much tougher sanctions and penalties. Businesses need to be able to respond to this constantly changing regulatory environment and be capable of not only tackling the threats of today, but also of adapting to the new and even more complex risks the future will bring.”
Green added: “It’s vital that businesses operating in the financial sector implement comprehensive systems to ensure they can respond to increased regulation and prevent themselves from being targeted by money launderers. Our enhanced anti-money laundering suite provides our clients with the most effective and agile solution to date, offering a range of new and improved capabilities to ensure that they can meet their compliance demands and protect both their business and their customers from any form of illegal activity.”
1CEB TowerGroup: Anti-Money Laundering Report 2013
About BAE Systems and BAE Systems Applied Intelligence
BAE Systems serves the needs of its customers by delivering a wide range of advanced defence, aerospace and security solutions that realise a performance edge. The company works in tandem with local partners to develop, engineer, manufacture and support the innovations that ultimately increase defence sovereignty, sustain economies and safeguard commercial interests.
With 84,600 employees operational across six continents, the business is fully committed to creating solutions that protect and strengthen nations, commerce, communities and people.
BAE Systems Applied Intelligence is a business division of BAE Systems that delivers solutions to assist clients with protecting and enhancing their critical assets in ‘The Intelligence Age’. Its intelligent protection solutions combine large-scale data exploitation, ‘intelligence-grade’ security and complex services and solutions integration.
The business operates in four key domains of expertise: cyber security, financial crime, communications intelligence and digital transformation. Leading enterprises and Government departments use its solutions to protect and enhance their physical infrastructures, mission-critical systems, intellectual property, corporate information, reputation and customer relationships in addition to gaining competitive advantage and financial success.
For further information about BAE Systems Applied Intelligence visit: http://www.baesystems.com/ai