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Tieto Caretech wins Nittedal workforce management contract
Banking Infrastructure

Tieto Caretech wins Nittedal workforce management contract

CyberTech

Qevlar AI secures $30m to build autonomous AI SOC platform

Outpost raises $17.5m Series A to simplify global trade
Accounting

Outpost raises $17.5m Series A to simplify global trade

PactFi raises $25m Series A to modernise private credit
FinTech News

PactFi raises $25m Series A to modernise private credit

Coreworks raises $5m seed round to automate reporting
Data & Analytics

Coreworks raises $5m seed round to automate reporting

Integrity Viking Funds selects FIS to modernise investment accounting
Company News

Integrity Viking Funds selects FIS to modernise investment accounting

Hawk and Commerzbank AG team up to fight financial crime
FinTech News

Hawk and Commerzbank team up to fight financial crime

Commerzbank and Hawk, a provider of anti-fraud and anti-money laundering (AML) technologies, are collaborating to optimize internal banking processes using Artificial Intelligence (AI). The “AML AI Extended Risk Model” solution supplements the bank's existing rule-based compliance systems to significantly increase effectiveness in combating financial crime. This partnership underscores Commerzbank's strategy of deploying AI purposefully for customer and market processes while adapting to specific regulatory requirements. “Given the complexity of the landscape, we can only successfully combat financial crime with the help of AI. It is a high strategic priority for us to proactively and continuously expand our compliance system architecture,” says Viktor Kraus, Cluster Lead Global Financial Crime Prevention Platform at Commerzbank. Tobias Schweiger, CEO of Hawk, emphasizes: “Banks must adapt to new threat scenarios in money laundering. Our AI-driven solution helps achieve this.” By using Hawk's extended risk model solution, banks benefit from complex AI models without the need for time-consuming updates to their existing technology. The software integrates seamlessly with legacy systems via an integration layer. Through this implementation, Commerzbank has: increased the accuracy (targeting) of alerts and reduced false positives, detected more novel cases of money laundering or fraud, and expanded software validation to include robust AI model governance. “Our software enables compliance teams to improve the quality and transparency of money laundering detection and investigations,” says Tobias Schweiger. “In this context, the explainable nature of our AI plays a central role – particularly regarding regulatory approval.” Hans-Georg Beyer, Group Chief Compliance Officer at Commerzbank, adds: “Commerzbank is using its position as a pioneer to conduct its fight against money laundering in an even more targeted manner. The collaboration with Hawk is a vital step in this direction.” About Hawk    Hawk is the leading provider of AI-powered anti-money laundering and fraud prevention technology. Banks and payment providers globally are using Hawk’s powerful combination of traditional rules and explainable AI to improve the effectiveness of their financial crime and compliance programs by identifying more crime, while maximizing efficiency by reducing false positives.
FinTech News

Why KYC is shifting to continuous risk monitoring

EveryoneINVESTED's science-based approach to targeted support
FinTech News

EveryoneINVESTED’s science-based approach to targeted support

DiligenceSquared targets PE due diligence with $5m raise
Data & Analytics

DiligenceSquared targets PE due diligence with $5m raise

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