Australia first to get new cloud-based solution for financial crime

BAE Systems has launched its cloud-based solution for financial crime in Australia - a global first.

Australian financial services companies will be the first in the world to benefit from NetReveal OnDemand for Anti Money Laundering (NROD for AML).

According to the security solutions organisation, monetary authorities around the world are clamping down on the growing use of money laundering to fund organised crime, so financial institutions are under pressure to monitor an increasing number of transactions much faster.

Michelle Weatherhead, GM of Commercial Solutions Sales for BAE Systems Australia, says that today, financial institutions are navigating an increasingly complex regulatory landscape and must deliver consistent group compliance standards.

"Acquiring and maintaining the right technology and expertise is expensive, especially for regional banks and credit unions without 'Big Four' budgets," she explains.

"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.

Cloud Security Alliance recently found 41% of Asia Pacific financial institutions have adopted a cloud strategy to deal with the shifting landscape, and that the number is still growing.

"Utilising the cloud allows us to provide enterprise-grade compliance at an accessible price," adds Weatherhead.

"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," she says.

"Australia was chosen as the first market to launch NROD for AML due to its maturity for cloud-based technology and stringent compliance demands."