BAE Systems Applied Intelligence is adding market leading enhancements to its NetReveal Compliance Solution Suite to help organisations remain compliant in the complex and evolving money laundering and terrorist finance ecosystem.
As the regulatory landscape shifts towards a more expansive view of banking responsibility, which encompasses cybersecurity, human trafficking and cryptocurrencies, BAE Systems is enhancing NetReveal and supporting services to provide financial institutions with agile solutions designed to adjust to these changing demands.
“Our expertise in protecting financial institutions against changing threats lies in understanding criminal threats and risk regardless of the format, entity or industry,” said Peter Fisher, Product Director for Financial Services. “As compliance moves to encompass evolving digital criminality, we use connected data and collaboration to help banks address their ever-expanding remit of responsibility.”
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The latest enhancements in NetReveal encompass both product-based adaptability to augment existing compliance solutions and features to help organisations ensure compliance in an evolving criminal and regulatory landscape. Features include:
- Built in Criminal Offenses Scenario Library: NetReveal’s AML Transaction Monitoring solution includes an added detection library of modern typologies and payment types including human trafficking and mobile payments
- Automated false positive reduction by an additional ~55%: Using a custom combination of machine learning and intelligent automation, NetReveal features Intelligent Event Triage for AML TM, CDD/KYC, Sanctions, PEP and Negative News, and Transaction Filtering. Additionally, NetReveal’s “Weighted Words” understands and assesses name variances, factoring in nicknames, financial terms and synonyms to further refine alert results and reduce false positives by between 53 – 55%1
- Smart, integrated 3rd party data speeds up investigations: With Dun & Bradstreet data automatically integrated into NetReveal, customer onboarding includes deep risk checks, at the click of a button
- Augment your compliance investment: NetReveal’s “Build your own Algorithm” uses intelligent analytics to enable users to create a copy, edit locally and apply custom algorithms to their own scenarios. Adding to NetReveal’s Advanced Analytics Platform (AAP), Custom Data Fields takes advantage of the rich set of profiles and defines specific fields that are more predictive of suspicious behaviour in an organisation. NetReveal’s AAP works alongside existing models/rules to identify unexpected suspicious events that existing rule-based detection would miss
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