Neonomics, an expanding open banking provider, has recently embarked on a mission to enhance its anti-financial crime capabilities across Europe.
The company’s ambitious goal was to implement a financial crime solution that was not only scalable but also highly effective in identifying true positive cases of financial crime. This was essential for Neonomics as it sought to minimize the manual effort involved in its operations.
Anne Kristine Giltvedt Selbekk, the Head of Anti-Financial Crime at Neonomics, outlined the company’s approach: “Neonomics takes an ambitious approach to fighting financial crime. We don’t just want to be compliant; we want to be excellent.”
The decision to collaborate with Hawk AI was driven by several factors. Hawk AI’s platform stood out as a more modern, user-friendly solution capable of delivering superior outcomes, especially in terms of its screening and rescreening capabilities. Additionally, Hawk AI‘s support for an iterative implementation process and its openness to innovation in partnership with Neonomics played a crucial role in this choice.
A key aspect of the partnership was the modular approach adopted by Hawk AI, which allowed for maximum control over the implementation process. Starting with Transaction Monitoring, Neonomics was able to lay a solid foundation for compliance, especially in Norway’s strict regulatory environment. This was followed by the integration of Payment Screening and Customer Screening modules, which enabled real-time screening against various watchlists and facilitated easier rescreening processes.
The addition of the pKYC/Customer Risk Rating module further enhanced the ongoing KYC efforts by dynamically adjusting risk levels associated with PEPs and HNWIs based on transactional behavior. This modular and iterative approach not only helped Neonomics familiarize itself with the system but also manage the screening process more efficiently.
The implementation of Hawk AI’s solutions marked a significant increase in efficiency and scalability for Neonomics, notably increasing the true positive rate by 600%. This improvement was a testament to the effectiveness of Hawk AI’s enhanced screening algorithms and their impact on Neonomics’ operational capabilities.
Looking ahead, Neonomics plans to leverage the Machine Learning capabilities within Hawk AI’s platform to further combat financial crime. This move towards AI-driven solutions is expected to improve the efficiency of Neonomics’ daily operations and support its growth trajectory.
Anne Kristine praised the collaboration with Hawk AI, highlighting the shared passion for preventing money laundering and the positive impact of their partnership on Neonomics’ ability to preempt financial crime trends.
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