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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