BAE Systems Detica today announces further recognition of its industry leading AML (anti-money laundering) compliance offering with the naming of its watchlist filtering and sanctions solutions as winner of leading analyst Celents’s XCelent 2013 Breadth of Functionality award.
Effective and efficient monitoring of customer information and activity for connections to high risk money laundering and terrorist financing entities is among the greatest challenges confronted by financial institutions today. Detica NetReveal® for watchlist management, sanctions and PEP (Politically Exposed Persons) screening enables companies to comply with internal requirements and national and international regulations using a single, adaptable enterprise wide-solution. Beyond meeting baseline requirements the solution can help protect an organisation’s reputation by effectively measuring risk and improve customer experience by minimising false positives. It achieves this in part through the use of scalable watchlist management and proprietary analytical entity matching capabilities.
Neil Katkov, Senior Vice President at Celent commented, “Watchlist filtering and sanctions compliance have become two of the most crucial areas of focus for financial institutions struggling to comply with anti-money laundering and counterterrorist funding regulations. Detica NetReveal has strong network analytics capabilities which aid in assessing the risk of associated entities and persons and it stands apart for its breadth of functionality in watchlist screening and sanctions compliance.”
The Breadth of Functionality category looked at advanced functionality provided in the base offering, number of functional components, specific features and functionality, analytics and rules, workflow and reference comments from customers on functionality and performance.
The report makes use of Celent’s ABCD Vendor View. In contrast to a simple four quadrant methodology, the ABCD Vendor View presents a comparative view of the vendor marketplace that visually represents four elements: Advanced technology and technical flexibility, Breadth of functionality, Customer base and Depth of client service.
Chris Green, Managing Director, NetReveal, BAE Systems Detica, comments, “Detica NetReveal is committed to providing compliance solutions that not only allow our clients to check a box, but also support a truly effective anti-money laundering programme that meets business objectives and increasingly tough regulatory requirements. As political and financial events drive more serious scrutiny from regulators, watchlist and sanctions technology has to evolve to meet these challenges. This award recognises that the Detica NetReveal watchlist and sanctions module, as part of a broader suite of compliance solutions, ensures financial institutions have a robust and innovative technology platform to meet the manifold and complex compliance challenges.”