NetReveal Enhancements Help Close the Gap Between Evolving Digital Risk and Compliance

Rhea-AI Summary

BAE Systems Applied Intelligence has upgraded its NetReveal Compliance Solution Suite to meet evolving challenges in money laundering and terrorist finance compliance. As regulatory expectations broaden, BAE is enhancing features to support financial institutions. Key upgrades include a new Criminal Offenses Scenario Library, automated false positive reduction of ~55%, and integration with Dun & Bradstreet for faster investigations. These improvements aim to provide agile solutions for organizations navigating complex regulatory requirements in a digital landscape.

Positive

• Introduction of a new Criminal Offenses Scenario Library in the NetReveal AML solution.
• Automated false positive reduction by approximately 55%, enhancing efficiency.
• Integration with Dun & Bradstreet data speeds up customer onboarding and risk checks.
• Customizable algorithms through NetReveal’s Advanced Analytics Platform, allowing tailored compliance solutions.

Negative

• None.

LONDON--(BUSINESS WIRE)-- 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.”

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 3^rd 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

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.

¹ Based on internal post-processing tests

View source version on businesswire.com: https://www.businesswire.com/news/home/20210924005027/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 recent enhancements has BAE Systems made to its compliance solutions?

BAE Systems has added significant upgrades to its NetReveal Compliance Solution Suite, including a new Criminal Offenses Scenario Library and automated false positive reduction.

How much can false positives be reduced with NetReveal's new features?

NetReveal features claim to reduce false positives by approximately 55%, improving operational efficiency.

What is the significance of the integration with Dun & Bradstreet for BAE Systems?

The integration allows financial institutions to conduct deep risk checks during customer onboarding quickly, enhancing compliance efforts.

How does NetReveal support compliance with evolving regulations?

NetReveal offers adaptive features that help organizations comply with a wide range of regulatory requirements, including those related to human trafficking and cryptocurrencies.

What is the stock symbol for BAE Systems?

The stock symbol for BAE Systems is BAESY.