BAE Systems Applied Intelligence today announced in a company press release a new solution offering created on Amazon Web Services (AWS) to deliver complete anti-money laundering regulatory compliance solutions.
The new anti-money laundering regulatory compliance solution will be supported by the availability, reliability, and security of AWS with BAE Systems Applied Intelligence writing that it offers its customers that are banks and financial institutions the opportunity to quickly stand up an affordable integrated financial crime regulatory compliance solution.
Garry Harrison, Managing Director of Financial Services at BAE Systems Applied Intelligence commented on the importance of cloud and how building its solution on AWS will enhance its position as a leader by saying: “The importance of cloud has never been greater as we continue to outmaneuver the uncertainty caused by the global pandemic; living with increasing levels of financial crime and cyber breaches. Cloud technology is vital to helping companies unlock greater efficiency, elasticity and innovation, and drive enduring business change at speed and scale. We are easing the burden of all financial institutions, both large and small, to become and remain compliant against increasing complex regulatory requirements. We chose to build on AWS because of their deep technical expertise and global scale. With a strengthened collaboration with AWS, we further enhance our position as a leader in financial services.”
COVID-19 has shifted people and businesses over to a digital economy at a noticeable pace with businesses taking to remote teams and companies performing large scale transactions via video calls instead of in-person.
As a result, the financial services market has really shown its potential with digital payments and transactions increasing in popularity for both personal and business buying or selling which has also highlighted the risks to cybercrime, data stealing, and fraud.
Companies have noticed these issues and have released new features and partnered up with providers such as AWS in response to the challenges its customers are facing in the increasingly digital economy.
Dynatrace has recently announced a partnership with AWS to enable the software intelligence provider to publish metrics with improved monitoring and observability to help its customers drive faster cloud adoption and accelerate its digital transformation.
With this complete anti-money laundering regulatory compliance solution, BAE Systems Applied Intelligence plans to provide customers with advisory services, as well as implementation, migration, and management of regulatory and compliance solutions on AWS.
By building on AWS, the company claims it can offer a flexible commercial model with no upfront costs which enables the company to minimise its customer capital expenditure and maximise its ROI.
Customers can expect to connect quickly with standard regulatory compliance data interfaces, designed specifically for their industry and territory, significantly reducing the effort of internal IT teams with standard data interfaces and full-service management.
BAE Systems Applied Intelligence explained that once the solution is deployed to a customer, the service levels offered include hardware and software availability, security patches, support responsiveness, system upgrades, support, and maintenance.
This announcement of BAE Systems Applied Intelligence building its financial compliance solutions on the cloud follows the launch of its NetReveal 360°, a complete regulatory compliance solution, packaged to operationalise for the customer’s business quickly.
Its NetReveal compliance suite of solutions appears to be off to a strong start with the Spanish bank, Bankinter, signing a 10-year contract for it to assist in growing its organisations footprint in European markets.
With the new solution, BAE Systems Applied Intelligence wrote that customers receive a specifically designed service for the organisation, which includes end-to-end solutions for Customer Due Diligence (CDD), Anti Money Laundering (AML), and Watchlist Management (WLM).
BAE Systems Applied Intelligence explains that provisioning, management, and support of both the business solutions and underlying AWS infrastructure are completed upfront and in-house to provide customers with a single point of contact and with clear responsibility.
BAE Systems Applied Intelligence has created the solution with the goal for it to suit both small and large financial institutions by offering an affordable and ‘rapid’ go-live solution to deliver complete anti-money laundering regulatory compliance solutions.
