hawk:AI, PwC team up to fight money laundering with AI

Monday 2 December 2019 12:45 CET | News

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, 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.

In this context, transparent processes and their traceability are not only the prerequisite for valid internal and external audits of the financial institutions, but also for the audit of the financial institutions by the German Federal Financial Supervisory Authority (BaFin).
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Keywords: hawk:AI, money laundering, regtech, Germany, PwC, partnership, banks, financial institutions, screening
Categories: Fraud & Financial Crime
Countries: Germany
This article is part of category

Fraud & Financial Crime

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