From: RegTech Analyst
hawk:AI, a RegTech100 company, has formed a partnership with auditing and consulting firm PwC to better help financial institutions identify and investigate money laundering.
The two companies will work together on joint client projects, technology developments and AI algorithms.
hawk:AI offers a suite of tools capable of real-time transaction monitoring and crime pattern detection across financial institutions. Its AI technology can learn from a clients’ historical data to lower false positives and offers traceability to ensure everything is auditable.
PwC director of forensic services Dominik Schauerte said, “The current digitization initiatives in the banking sector are clearly aimed at automating repetitive processes. Particularly in the area of screening and monitoring cases, artificial intelligence can contribute to the ultimate reduction of immense manual effort, and at the same time have a positive impact on decision-making certainty.”
hawk:AI was recently listed in the RegTech 100 2020 list, chosen by a panel of analysts and experts.
Earlier in the year, PwC released its inaugural LegalTech accelerator programme. The 10-week programme was part of 13 new accelerators which support scale-ups across the UK, Germany and China.
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