BAE Systems NetReveal to Enhance Compliance at Nova KBM Slovenia

Rhea-AI Summary

BAE Systems Applied Intelligence has secured a five-year agreement with Nova KBM Slovenia to implement its NetReveal® Compliance Suite. This initiative aims to enhance the bank's anti-money laundering (AML) and fraud detection capabilities. NetReveal, already trusted by over 200 financial institutions, is expected to reduce false positives by at least 30% and speed up detection processes by 40%. The partnership underscores the necessity for effective compliance tools as financial crimes continue to rise.

Positive

• Five-year agreement with Nova KBM Slovenia enhances AML capabilities.
• NetReveal platform expected to reduce false positives by at least 30%.
• Speeds up detection processes by up to 40%.
• BAE Systems is trusted by over 200 financial institutions.

Negative

• None.

LONDON--(BUSINESS WIRE)-- BAE Systems Applied Intelligence, a leading global provider of anti-money laundering (AML) and counter-fraud solutions, has announced an agreement with Nova KBM Slovenia to supply its NetReveal® Compliance Suite in a five-year deal to drive significant improvements at the bank.

Trusted by more than 200 financial institutions, NetReveal is BAE Systems’ leading financial crime, fraud, and anomaly detection platform and will drive improvements in operational efficiency, reduce false positives and better meet the bank’s compliance obligations. NetReveal’s intelligent post-processing reduces false positive alerts by at least 30 percent and its centralised 360-degree customer view consolidates alerts, evidence, and metrics, resulting in up to 40 percent faster profiling and detection reduction.

“At Nova KBM, we are committed to ensuring compliance with the highest standards in the area of prevention of money laundering and terrorist financing, as well as in the identification of fraud and managing illicit practices. The implementation of BAE Systems’ NetReveal tool will help us manage all aspects of AML detection, investigation, and reporting,” said Jon Locke, Deputy CEO and Chief Risk Officer of Nova KBM Slovenia.

“We aim to reduce the number of false-positive hits and achieve faster customer profiling and detection. At the same time, we plan to simplify our internal processes and mitigate all relevant risks in this area. We believe that selecting a vendor trusted by many top global banks will provide us with both the solutions and experience to support us in our effort to further improve our operational efficiency and continue the digital transformation of our bank while defending Nova KBM against financial crime,” Locke concluded.

Nova KBM Slovenia will benefit from the following NetReveal capabilities—delivered via a single interface and with unified case management and reporting:

• AML Transaction Monitoring – Enhanced Edition + AAP
• WLM Transaction Screening - Enhanced Edition
• WLM S&P Screening - Enhanced Edition

“We are pleased to partner with Nova KBM as it looks to enhance its critical compliance capabilities and drive major operational and cost improvements. With more than half of money laundering remaining undetected over the last year, we know how essential it is to have the right tools and systems in place to defend customers and institutions against this crime. We welcome the steps Nova KBM is taking and look forward to helping them detect more and fight crime together,” said Enda Shirley, Head of Compliance at BAE Systems Applied Intelligence.

NetReveal is designed to be adaptable to the evolving nature of the financial services sector; to deliver power and flexibility in analytics, investigation, integration, security. Its advanced data analytics engine provides effective detection of anomalous behaviour and is some of the most effective at positive/negative detection and false-positive reduction on the market.

Notes to Editors

About BAE Systems Applied Intelligence

At BAE Systems Applied Intelligence, we help nations, governments and businesses around the world defend themselves against cybercrime, reduce their risk in the connected world, comply with regulation, and transform their operations. For further information about BAE Systems Applied Intelligence, please visit www.baesystems.com/financialservices

About NetReveal

NetReveal is a single, integrated platform for anti-money laundering compliance and fraud prevention enabling Financial Institutions to benefit from lower total cost of ownership across their compliance and fraud teams with a single solution. A comprehensive range of compliance and counter-fraud solutions can be deployed individually or collectively.

ref no. 139/2021

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005487/en/

For UK:

Nick Haigh, BAE Systems

+44 (0) 7525 390982

nick.haigh@baesystems.com

For USA:

Brad Grantham, BAE Systems

(919) 519-8528

brad.grantham2@baesystems.com

Source: BAE Systems Applied Intelligence

FAQ

What is the recent deal between BAE Systems and Nova KBM Slovenia about?

BAE Systems has signed a five-year agreement with Nova KBM Slovenia to supply the NetReveal® Compliance Suite for enhanced anti-money laundering and fraud detection.

How will the NetReveal platform benefit Nova KBM?

The NetReveal platform will help Nova KBM reduce false positives by at least 30% and improve customer profiling and detection speed by up to 40%.

What is the significance of BAE Systems in the financial crime prevention sector?

BAE Systems Applied Intelligence is a leading provider of anti-money laundering and counter-fraud solutions, trusted by over 200 financial institutions globally.

How does BAE Systems' NetReveal work?

NetReveal integrates advanced analytics to detect fraud and compliance breaches efficiently, thereby reducing operational costs and improving regulatory adherence.