This website uses cookies. By navigating around this site you consent to cookies being stored on your machine

Newsroom

BAE Systems launches global first cloud–based compliance for financial crime in Australia

NROD for AML
Cloud-based NetReveal OnDemand for AML levels the playing field for Australian financial institutions facing rising compliance demands and budget pressures
Sydney, Australia27 September 2016 – BAE Systems today launched its cloud-based financial crime compliance platform, NetReveal OnDemand for Anti Money Laundering (NROD for AML), with Australian financial services companies the first to benefit from the platform globally.
 
As monetary authorities around the world clamp down on the growing use of money laundering to fund organised crime, financial institutions are under pressure to monitor an increasing number of transactions more quickly, across multiple, evolving platforms.
 
Michelle Weatherhead, GM of Commercial Solutions Sales, BAE Systems Australia, said:
 
“Today, financial institutions are navigating an increasingly complex regulatory landscape, and must deliver consistent group compliance standards whilst maintaining the flexibility and agility to adapt as requirements constantly change.
 
“Acquiring and maintaining the right technology and expertise is expensive, especially for regional banks and credit unions without ‘Big Four’ budgets.
 
“BAE Systems has developed NROD for AML to enable financial institutions to maintain compliance and meet their AML obligations, while keeping pace with global best practice and reducing costs and disruption to their business.”
 
Recent research from Cloud Security Alliance found 41 per cent of Asia Pacific financial institutions have adopted a cloud strategy to deal with the shifting landscape, and that the number is growing.
 
“Utilising the cloud allows us to provide enterprise-grade compliance at an accessible price.
 
“Access to our industry-leading financial crime experts, as well as BAE Systems’ position as a leader in cyber defence, gives customers the peace of mind that their data and transaction monitoring is in secure hands,” said Ms Weatherhead.
 
The platform’s analytics evaluates relationships and patterns between different parties while monitoring accounts and activities in an entity, providing enhanced financial crime detection and prevention.
 
“Australia was chosen as the first market to launch NROD for AML due to its maturity for cloud-based technology and stringent compliance demands.
 
“And with the impending tranche two legislation likely to bring more industries under AML regulation, such as real estate, accounting and legal practices, there is even more impetus for a cost-effective solution.”
 
ENDS

More about BAE Systems’ NROD for AML:
BAE Systems NROD for AML is a unique, hosted offering that can reduce IT spend, minimise system maintenance, and make the cost of AML compliance more predictable and manageable.
 
The solution provides comprehensive AML compliance coverage, including the hosting, configuration, tuning, and management of the AML system, enabling an organisation to effectively outsource the continuous management of the underlying technology.
 
This comprehensive offering provides end-to-end AML compliance coverage, including:
  • Customer Due Diligence (information collection and risk rating);
  • Politically Exposed Person (PEP), Terrorism and Sanction Screening;
  • Transaction Monitoring;
  • Ongoing Customer Due Diligence requirements; and 
  • Suspicious Matter Reporting.
 
More information on NROD for AML and its features can be found here: www.baesystems.com/netrevealondemand
 
Media contact:
Katie Pickford
Fuel Communications on behalf of BAE Systems
Mobile: 0481 514 624 
Email: baesystems@fuelcommunications.com.au
 
About BAE Systems
At BAE Systems, we provide some of the world’s most advanced technology defence, aerospace and security solutions.
 
We employ a skilled workforce of 82,500 people in over 40 countries. Working with customers and local partners, our products and services deliver military capability, protect people and national security, and keep critical information and infrastructure secure.
 
BAE Systems Applied Intelligence helps nations, governments and businesses around the world defend themselves against cybercrime, reduce their risk in the connected world, and comply with regulation.
 
We employ some of the most skilled people in the world working with unique systems and solutions to solve complex data problems, track the most impactful threat actors, prevent fraud and financial crime, enable intelligence-led policing and provide incident response in the face of online threats.