Hawk AI, Know Your Customer link to harmonise financial crime compliance

Hawk AI

Hawk AI has partnered with RegTech firm Know Your Customer to help companies centralise and harmonise their AML programmes.

According to Hawk AI, by combining Know Your Customer’s digital onboarding and business KYC solutions with Hawk AI’s transaction monitoring capabilities, companies will be able to more easily harmonise and centralise their AML programme, which can often be a complex process.

The result, Hawk AI claims, is a ‘much-improved end customer experience, a stronger defence against financial crime and remarkable gains in operational efficiency’.

Founded in 2018, Hawk AI helps banks, payment firms and FinTechs take on financial crime with AML and fraud surveillance. The company is powered by explainable AI and cloud technology and claims its modular compliance technology dramatically reduces false positives while detecting yet-unknown instances of financial crime.

Know Your Customer – established in 2015 –  provides digital onboarding solutions to financial institutions and regulated companies globally The firm’s modular compliance technology makes it fast, easy and safe for businesses to design and implement the KYC and KYB process that best fits their needs.

Hawk AI added that the combination of it and Know Your Customer’s solutions aims to power clients’ ability to scale internationally quickly and safely also in the currently fast-changing sanctions’ environment.

Hawk AI CTO and co-founder Wolfgang Berner said, “There is a wave of technological innovation taking place in RegTech. From cloud native infrastructure enabling scalability, real-time native processing in a performant, safe and secure way, to fully explained AI and machine learning that augment traditional AML approaches and ensure efficient and effective financial crimefighting.

“But cutting-edge technology is not enough if information remains siloed. This is why we’re excited to partner with Know Your Customer, who share our vision of modular solutions that foster a more holistic approach to fighting financial crime.”

Claus Christensen – CEO & co-founder of Know Your Customer – added, “In most organisations, compliance functions remain divided in silos. RegTech vendors are usually brought on board at different times and for different reasons, often resulting in sub-optimal integrations. Not only this disconnect is costly from an operational point of view, but also leaves vulnerabilities ready to be exploited by criminals.

“We are delighted to be partnering with Hawk AI to address this essential gap, helping compliance teams embrace a more holistic, integrated and efficient conception of financial crime. One powered by market-leading technology and a shared vision for the future of AML innovation.”

Earlier this year, Hawk AI partnered with Diebold Nixdorf, a leader in driving connected commerce for finance and retail, to expand the reach of the former’s AML solution.

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