hawk:AI has teamed up with PwC to provide financial institutions, government agencies, and bank customers AI technology to help them prevent money laundering.
Germany loses annually around EUR 100 bln to money laundering failings, Finanzmagazin.de has cited the results of a study conducted by the German Ministry of Finance. As a result, the German government wants to put a stop to this and has implemented the fifth EU Money Laundering Directive into German law. This provides for stricter reporting requirements that can help to make illegal financial transactions more difficult.
Together with PwC, hawk:AI, a Munich-based regtech, aims to implement the fifth EU Money Laundering Directive using artificial intelligence algorithms. Still, the necessary confidence in the new technical solutions develops at all levels only when decisions made on the basis of AI are presented in a comprehensible and comprehensible manner.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now