Bank of Sharjah implements BAE Systems NetReveal.

Bank of Sharjah implements BAE Systems NetReveal to further enhance its Anti-Money Laundering Transaction Monitoring and fraud prevention

Bank of Sharjah in the UAE and its subsidiary Emirates Lebanon Bank SAL, Lebanon have joined forces with the multi-award winning BAE Systems engaging the company's service for their NetReveal®, Anti-Money Laundering Transaction Monitoring, with customised AML detection scenarios.

As one of the premier financial institutions in the UAE, Bank of Sharjah has consistently maintained the highest standards of financial integrity and compliance, while staying in step with changing times. In order to further raise the bar, the Bank has implemented NetReveal®, Anti-Money Laundering Transaction Monitoring, with customised AML detection scenarios in partnership with global giant BAE Systems who are a leading provider of enterprise risk, fraud, financial crime and compliance solutions to the global financial services industry. With over 100 clients across four continents, including six of the world’s current top 10 financial institutions, NetReveal® has established a proven track record of reducing financial losses, protecting users’ reputations and improving operational efficiencies.

Barny Darby, Head of Solutions, EMEA Financial Crime and Cyber Security, BAE Systems Applied Intelligence, said:

“We won this business on the basis of two things: our presence in the UAE with a team of local financial crime and AML consultants, and the flexibility and adaptability of our Anti Money Laundering solution. To be successful, organisations such as Bank of Sharjah and Emirates Lebanon Bank SAL not only protect their customers and assets from exploitation by money launderers, but also create a safe environment for international trade and transactions, free from concerns over potential criminal activity or overzealous controls.” BAE Systems AML solution has recently won ‘best compliance solution’ at the Operational Risk Awards 2015.

Mr. Varouj Nerguizian, Executive Director and General Manager, Bank of Sharjah said:

"With the implementation of NetReveal®, in partnership with BAE Systems, Bank of Sharjah has further enhanced it’s end-to-end enterprise perspective of financial crime and risk for the detection, prevention and monitoring of risk, fraud and non-compliance in real-time. With their proven expertise, NetReveal® will undoubtedly help us identify unusual and suspicious behaviours faster and earlier than any other current approaches."