Financial Crime - Trade Finance

Significant increase of budgets across all areas of financial crime prevention

According to a survey from Detica NetReveal® a business division of BAE Systems Detica, investment in managing financial crime and compliance remains a high priority, with a significant uptick in planned expenditure for 2013.(1.)

Fraud management is a key area with 86% of respondents forecasting budget growth (compared to 45% in 2012 and 47% in 2011) and highlighting the application process, payments, the online channel and insider fraud as priority areas of focus. For anti-money laundering (AML), 84% expected increased budget in 2013 (compared to 34% in 2012 and 38% in 2011) but many organizations are still grappling with the effectiveness of automated detection systems.

Financial institutions are also reacting to impending legislation such as the Foreign Account Tax Compliance Act (Fatca), although 44% of respondents are still evaluating the impact of the legislation, and recent regulatory enforcements which registered record fines for Tier 1 financial institutions in 2012.

The outlook for continued investment in financial crime detection and prevention remains positive for 2013, with anticipated annual growth well in excess of previous years. On average 83% of respondents expect an increase in their financial crime and compliance budgets, compared with 42% in both 2011 and 2010. Cross industry data sharing is becoming more common place with just less than 50% of respondents operating some kind of data sharing scheme but privacy laws and data protection are often cited as a barrier to data sharing.

George Robbins, UK General Manager & Director, Detica NetReveal said:

“As the financial services industry stabilizes, we are seeing strong evidence of investment catch-up, with financial institutions increasingly recognizing the power of advanced technology to identify and prevent fraud. Regulatory pressures continue to drive compliance budgets, along with new challenges such as Fatca now firmly on the horizon and generating new waves of activity.”


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Media Contacts:

Natasha Davies, Head of PR and Media, BAE Systems Detica

Telephone +44 (0) 20 7812 4274

Mobile: +44 (0) 7787 297 831


Sally Lyden, Articulate Communications Inc.

Telephone +1 212 255.0080, ext. 11


Notes to editors
1.Operational Risk & Regulation and Detica NetReveal Financial Crime Survey 2012.  A global survey of 132 senior executives from financial institutions worldwide.

About Detica NetReveal

Detica NetReveal is a leading provider of risk, fraud and compliance solutions to a wide range of financial services and government clients across the globe. The NetReveal suite of solutions combines predictive analytics with advanced social network analysis to identify suspicious behaviors more accurately than other solutions.

The power of our approach lies in the combination of specialist industry expertise with proven technology. We provide our clients with intelligence to more accurately assess the risk of the individual by better understanding the risk associated with the networks in which they operate. With over 130 clients across five continents, including six of the world’s current top 10 financial institutions, Detica NetReveal has a proven track record of tackling fraud, improving operational intelligence and reducing financial losses and reputational risk. Detica NetReveal, incorporating Norkom Technologies, is a business division of BAE Systems Detica.

For further information, please visit


About BAE Systems Detica

BAE Systems Detica delivers information intelligence solutions to government and commercial customers. We help them collect, exploit and manage data so they can deliver critical business services more effectively and economically. We also develop solutions to strengthen national security and resilience.

We integrate and deliver world-class solutions to our customers’ most complex operational problems – often applying our own unique intellectual property. Our services include cyber security, managing risk and compliance, data analytics, systems integration and managed services, strategy and business change and the development of innovative software and hardware technologies.

Detica is part of BAE Systems, a global defense and security company with approximately 100,000 employees worldwide. BAE Systems delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services.

BAE SYSTEMS, DETICA, NETREVEAL, are registered trademarks of BAE Systems plc.