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

The Anti-Money Laundering (AML) and Counter-Terrorism Financing Act (Cwth) 2006 placed strict governance rules on the financial sector, gambling sector, bullion dealers and other professionals or businesses that provide services covered by the Act. It looks like that may be extended even further.

BAE Systems has 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, general manager 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 while 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,” she added.

Recent research from Cloud Security Alliance found 41% 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,” Weatherhead said.

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. 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.

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Ray Shaw

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Ray Shaw ray@im.com.au  has a passion for IT ever since building his first computer in 1980. He is a qualified journalist, hosted a consumer IT based radio program on ABC radio for 10 years, has developed world leading software for the events industry and is smart enough to no longer own a retail computer store!

 

 

 

 

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