Research shows that anti-money laundering (AML) is the top area of focus for compliance executives and leading financial institutions are developing an enterprise strategy for anti-money laundering compliance
BAE Systems Detica today announced that its Detica NetReveal® enterprise risk, fraud and compliance solution has been named a “best-in-class” by CEB TowerGroup analysts in its latest Anti-Money Laundering Technology Analysis report.
The solution came top in the categories of Detection Tools and Enterprise Support. Detica NetReveal is a unique AML offering in several respects, but the most notable differentiator is the solution’s handling of false positives.
By understanding that in money laundering, false positives are assessed to be those alerts with specific end states showing that an investigation was not worthwhile, the system is able to continuously refine its models through the application of theoretical modeling and optimization techniques such as predictive and descriptive analytics, resulting in improved efficiency and effectiveness.
The report further states that BAE Systems Detica developers possess such nuanced understanding of the space that the Detica NetReveal solution easily stands out, even in such a competitive field as AML compliance.
CEB TowerGroup research director Andy Schmidt said: “Anti-money laundering is the top compliance pain point for banks, regardless of size. Regulators have become more aggressive in enforcing AML compliance, levying fines that can reach into the billions of dollars. Financial services institutions looking to safeguard their operations from money laundering activity will deploy solutions that combine robust analytical and predictive tools, rich graphical and workflow capabilities, and a nuanced understanding of this increasingly complex space.”
Joe Friscia, President of the Americas, BAE Systems Detica said: “As the AML and compliance panorama continues to evolve, financial institutions have to develop and embed a corporate culture that embraces enterprise-wide AML risk management. They have to continuously gain the knowledge to prepare for regulatory mandates efficiently and cost effectively and this can only be achieved with the support of leading edge technology supported by deep industry expertise.”