Tag Archives: BAE Systems Applied Intelligence

BAE Systems launches “major update” to NetReveal platform for financial institutions

The latest version of BAE Systems’ NetReveal platform combines the best of advanced analytics and human expertise to enable financial institutions to effectively combat financial crime and fraud in an environment of rapidly evolving regulatory requirements and changing financial crime patterns.

Faced with increasing transactions, evolving regulations, a growing number of payment channels, customer friction, investigation challenges and strengthening privacy regimes, financial crime and fraud investigators are under pressure to make more confident and intelligence-led decisions and do so at an unprecedented pace.

Built on modernised modular technology, NetReveal addresses these challenges by working smarter and faster and supporting an intelligence-led approach:

Smarter: Profiling and detection against transactional data that commonly takes hours to process is now processed within 30 minutes (on average)

Faster: Advanced analytics with machine learning techniques improve operational performance by driving fewer false positives. Integrated Robotic Process Automation (RPA) means that routine tasks are automated, enabling investigators to focus more on high value strategic investigative work. The Real-Time Detection Engine helps institutions to keep pace with sophisticated criminals across growing digital channels

Intelligence-Led: Entity-based investigations deliver efficiency improvements of 20-30% on average by streamlining multiple detections into a single combined alert dashboard. Interactive lists also provide actionable information to adjudicate alerts effectively


Culmination of major investment

Rob Harrison, head of product and solutions for the financial services sector at BAE Systems Applied Intelligence, said: “This release is the culmination of major investment and engineering development of our financial crime platform and suite of solutions. We’ve focused on providing compliance and fraud teams with the latest advanced analytics, technology advancements and productivity improvements.”

Harrison added: “The latest version of NetReveal combines the best of human expertise and advanced analytics which we believe puts financial institutions in the strongest position possible to address the major market challenges of today, namely regulatory complexity and change, evolving fraud patterns, productivity and efficiency pressures and new risk management approaches.”

Julie Conroy, research director for the Aite Group’s Retail Banking practice, commented: “The use of RPA to improve financial crime operations significantly increases accuracy, reduces operational costs and enhances productivity. Given the growing data challenge, having the ability to advance investigator efficiency by reducing repetitive manual tasks, human error and, by extension, the number of false positives ultimately frees up time to focus on more strategic tasks.”

NetReveal is a single integrated platform for money laundering compliance and fraud prevention, enabling financial institutions to benefit from lower total cost of ownership across their compliance and fraud teams thanks to a single solution.

A comprehensive range of compliance and counter-fraud solutions can be deployed either individually or collectively.

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Banks team up with Government to combat cyber criminals and fraudsters

A pioneering financial crime alert system will see 12 Government and law enforcement agencies warn banks of the latest threats in a bid to safeguard the accounts of millions of customers.

Working with preferred technology partner BAE Systems Applied Intelligence, the British Bankers Association (BBA) will launch the Financial Crime Alerts Service as part of a new approach towards combating a wide range of financial crime threats.

The new alerts service will allow the sector to react more swiftly than ever to major incidents and permit industry financial crime professionals to spot emerging problems and threatening criminal trends.

Anthony Browne, CEO of the BBA, said: “This alerts system is a powerful new weapon against fraudsters, cyber criminals and other crooks intent on stealing our customers’ money. Receiving real-time alerts from both domestic and international bodies, including the National Crime Agency (NCA) and 11 other Government and law enforcement agencies, will provide vital intelligence for the army of staff banks have already hired to combat these threats. This service is a shining example of how banks and Government can work together to benefit all customers.”

Anthony Browne: CEO of the BBA

Anthony Browne: CEO of the BBA

Real-time intelligence pooled from partner agencies and Government bodies will be shared with expert banking officials in place to tackle fraud, financial crime and other violations.

This work builds on the successful arrangement already in place between banks and the National Fraud Intelligence Bureau that has prevented over £100 million of fraud losses through successful and targeted information sharing.

When the initiative goes live (which is planned for early 2015), the BBA Financial Crime Alerts Service will include warnings on terrorist financing, money laundering, bribery and corruption, cyber and e-crime, fraud and emergent, thematic and strategic reports.

Donald Toon, director of the Economic Crime Command at the NCA, commented: “Collaboration between law enforcement and the private sector is key to reducing the impact of economic crime. Alerts to industry are a key part of this, and I very much welcome the BBA’s work in this area.”

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BAE Systems Applied Intelligence enhances NetReveal anti-money laundering technology

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.

BAE Systems Applied Intelligence has unveiled a significant upgrade of its NetReveal suite of anti-money laundering solutions to help companies prevent money laundering and manage their compliance obligations

BAE Systems Applied Intelligence has unveiled a significant upgrade of its NetReveal suite of anti-money laundering solutions to help companies prevent money laundering and manage their compliance obligations

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

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