Know Your Customer, a provider of modular digital client onboarding solutions, and Hawk AI, a provider of anti-money laundering surveillance technology for financial institutions, payment firms and fintechs, have made a strategic partnership that will build a stronger defence against financial crime.
The partnership combines Know Your Customer’s digital onboarding and business KYC solutions with Hawk AI’s transaction monitoring capabilities, giving clients access to an integrated offering that will help them centralise and harmonise multiple and often complex elements of their AML programmes. As well as a stronger defence against financial crime, the partnership should provide an improved end customer experience, and gains in operational efficiency.
“In most organisations, compliance functions remain divided in silos. RegTech vendors are usually brought on board at different times and for different reasons, often resulting in sub-optimal integrations. This disconnect is costly from an operational point of view, and leaves vulnerabilities ready to be exploited by criminals,” says Claus Christensen, CEO and co-founder at Know Your Customer. “We are partnering Hawk AI to address this gap and help compliance teams embrace a more holistic, integrated and efficient conception of financial crime.”
Hawk AI’s platform processes billions of transactions annually across more than 60 countries. By reducing the work created by false positives, AML compliance officers can save time and focus on items that have a greater impact, while AI-powered anomaly detection considers a combination of minor, easily missed factors alongside market behaviour to detect unknown instances of financial crime that would probably slip through traditional rules-based approaches.“There is a wave of technological innovation taking place in RegTech, From cloud native infrastructure enabling scalability, real-time native processing in a performant, safe and secure way, to fully explained AI and machine learning that augment traditional AML approaches and ensure efficient and effective financial crimefighting,” says Wolfgang Berner, CTO and co-founder of Hawk AI. “But cutting-edge technology is not enough if information remains siloed. This is why we are partnering Know Your Customer, which shares our vision of modular solutions that foster a more holistic approach to fighting financial crime.”
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