BAE Systems’ NetReveal provides AMP and counter-fraud solutions to Nova KBM Slovenia
BAE Systems Applied Intelligence, a global provider of anti-money laundering (AML) and counter-fraud solutions, has announced an agreement with Nova KBM Slovenia to supply its NetReveal Compliance Suite in a five-year deal.
Used by more than 200 financial institutions, NetReveal is BAE Systems’ financial crime, fraud, and anomaly detection platform. It said it “will drive improvements in operational efficiency, reduce false positives and better meet the bank’s compliance obligations”.
It said NetReveal’s intelligent post-processing reduces false positive alerts by at least 30 percent and its centralised 360-degree customer view consolidates alerts, evidence, and metrics, resulting in up to 40 percent faster profiling and detection reduction.
“At Nova KBM, we are committed to ensuring compliance with the highest standards in the area of prevention of money laundering and terrorist financing, as well as in the identification of fraud and managing illicit practices. The implementation of BAE Systems’ NetReveal tool will help us manage all aspects of AML detection, investigation, and reporting,” said Jon Locke, deputy CEO and chief risk officer of Nova KBM Slovenia.
“We aim to reduce the number of false-positive hits and achieve faster customer profiling and detection. At the same time, we plan to simplify our internal processes and mitigate all relevant risks in this area. We believe that selecting a vendor trusted by many top global banks will provide us with both the solutions and experience to support us in our effort to further improve our operational efficiency and continue the digital transformation of our bank while defending Nova KBM against financial crime.”
Enda Shirley (pictured), head of compliance at BAE Systems Applied Intelligence, added: “We are pleased to partner with Nova KBM as it looks to enhance its critical compliance capabilities and drive major operational and cost improvements. With more than half of money laundering remaining undetected over the last year, we know how essential it is to have the right tools and systems in place to defend customers and institutions against this crime. We welcome the steps Nova KBM is taking and look forward to helping them detect more and fight crime together.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
