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HAWK:AI, BANKSapi team up to fight money laundering

Tuesday 17 November 2020 09:53 CET | News

Anti-money laundering software provider HAWK:AI has teamed up with Open Banking provider BANKSapi to fight money laundering.

As a BaFin-regulated payment institution, BANKSapi is obliged to fulfil requirements for the prevention of money laundering (AML) and terrorist financing (CFT). Through the cooperation with HAWK:AI, transactions can be monitored in real time and suspicious cases can be identified, processed, and documented.

The regtech company delivers its AML-CFT solution to BANKSapi as Software-as-a-Service. It is based on fast integration and flexible workflows, plus it combines conventional filters and machine learning to detect suspicious cases. HAWK:AI analyses large amounts of data in the cloud, even across institutions as in the BANKSapi use case.

HAWK:AI will use BANKSapi's AI/Connect module, to support account transactions categorisation, while BANKSapi taps into computer linguistics based on neural networks, to improve AML/CFT recognition rates.


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Keywords: HAWK:AI, BANKSapi, partnership, money laundering, AML, CFT, SaaS, Germany, open banking, regtech, financial crime
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Germany
This article is part of category

Securing Transactions