News

Know Your Customer, Hawk AI to improve financial crime compliance

Thursday 6 October 2022 12:49 CET | News

Regtech provider Know Your Customer and Germany-based AML company Hawk AI have partnered up to improve financial crime compliance in Fintech.

 

Know Your Customer provides real-time registry connections in the industry, and Hawk AI is a software provider for banks, payment firms, and fintechs that offers anti-money laundering (AML) surveillance technology.

The partnership will enable clients’ access to a comprehensive and integrated offering that centralises AML programme’s elements through a combination of Know Your Customer’s digital onboarding and business KYC solutions and Hawk AI’s transaction monitoring capabilities. This results in an improved end customer experience, a stronger financial crime defence and operational efficiency gains.

Company representatives have stated in their press release that the partnership is aimed at helping compliance teams embrace a more holistic, integrated, and efficient conception of financial crime, as opposed to having compliance functions divided, something that is costly from an operational standpoint and can leave vulnerabilities ready to be exploited by criminals. 

Know Your Customer and Hawk AI have partnered up to improve financial crime compliance in Fintech.

Know Your Customer, Hawk AI offering

Know Your Customer provides digital onboarding solutions to financial institutions and regulated companies globally, while their Modular Compliance technology helps businesses design and implement the KYC and KYB process that best suits their needs.  

Hawk AI provides AML and fraud surveillance. Its modular compliance technology is powered by explainable AI (patent-pending) and Cloud technology, reducing false positives while simultaneously detecting instances of financial crime that are yet to be known.

Hawk AI’s and Know Your Customer’s combination of solutions is aimed at powering clients’ ability for international scalability in a safe and efficient manner in an environment where sanctions are fast-changing, aiming to do so from the phase of client onboarding and Ultimate Beneficial Owner (UBO) identification to on-going business KYC refreshes and transaction monitoring.

 

Geographical reach and capabilities

Know Your Customer provides access to over 500 registries across 125 countries around the globe, its users having access to reliable, up-to-the-minute company information on more than 180 million registered companies worldwide and to 300 million official company documents. This coverage is essential when it comes to identifying shareholders and UBOs during onboarding, or, depending on a client’s risk profile, on an ongoing basis, as required by regulators.

Hawk AI’s platform processes transactions in over 60 countries, AML compliance officers managing to save up 70% of their workday by reducing the workload created by false positives. AI-powered anomaly detection considers a combination of factors that might be easily missed against market behaviour to detect instances of financial crime that would otherwise go unnoticed by traditional rule-based approaches.


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Keywords: partnership, AML, KYC, compliance, fraud prevention, cloud services, artificial intelligence, data
Categories: Fraud & Financial Crime
Companies: Hawk AI, KnowYourCustomer
Countries: World
This article is part of category

Fraud & Financial Crime

Hawk AI

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KnowYourCustomer

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Discover all the Company news on Hawk AI and other articles related to Hawk AI in The Paypers News, Reports, and insights on the payments and fintech industry:
Discover all the Company news on KnowYourCustomer and other articles related to KnowYourCustomer in The Paypers News, Reports, and insights on the payments and fintech industry: