SOURCE: Detica

February 26, 2013 09:11 ET

BAE Systems Detica Awarded a "Best-in-Class" in Two Categories in Anti-Money Laundering Technology Analysis

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

NEW YORK, NY--(Marketwire - Feb 26, 2013) - 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."

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.

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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 just under 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.

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