BAE Systems Detica today announced that Home Trust Company, a wholly owned subsidiary of Home Capital Group Inc. (TSX: HCG) and one of Canada's largest federally regulated trust companies, has selected the Detica NetReveal® risk and compliance solution to enhance the company's anti-money laundering, anti-terrorist financing and sanctions monitoring capabilities.
Home Capital Group Inc. is a holding company and operates through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering deposit, mortgage lending, retail credit and credit card issuing services.
The agreement with Detica NetReveal highlights Home Trust's proactive efforts to strengthen the company's compliance infrastructure and commitment to deploying leading edge regulatory tools and technologies.
As its overall business grows, Home Trust is dedicated to ensuring the highest standards of regulatory compliance by implementing a proven and internationally accredited AML compliance system.
Detica NetReveal is an end-to-end enterprise-wide solution that supports the management of AML detection and investigation. The solution additionally enables organizations to integrate AML programs such as Watch List Management, specialized transaction monitoring, Sanctions and PEP (politically exposed persons) screening.
Detica NetReveal uses statistical and analytical techniques to identify patterns of unusual and suspicious behaviors by building profiles of individuals and comparing their activity against expected norms.
Gerald Soloway, Chief Executive Officer for Home Trust Company said: "Home Trust is committed to the highest levels of regulatory compliance and operational efficiency. We wanted a globally proven solution to effectively and accurately identify activity that could be potentially linked to financial crime."
Joe Friscia, President of the Americas, BAE Systems Detica said: "Financial institutions can no longer get by with spreadsheets or home-grown interfaces that require high levels of manual intervention. FINTRAC(1) has a mandate to deliver an effective national risk-based compliance program in Canada by 2014, and in order to satisfy the demands of the regulators and protect their honest customers, organisations will have to deploy auditable and automated risk and compliance frameworks to help prevent financial crime."
(1) The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada's financial intelligence unit, was created in 2000. It is an independent agency, reporting to the Minister of Finance, who is accountable to Parliament for the activities of the Centre. It was established and operates within the ambit of the Proceeds of Crime (money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations.