Hawk, an artificial intelligence (AI)-driven technology provider for anti-money laundering and fraud prevention, has upgraded its anti-financial crime platform for risk detection and investigation with entity resolution and network analysis.
The newly introduced entity risk detection brings together entity resolution and network analysis along with real-time risk identification to set a new benchmark in the fight against financial crime.
By leveraging entity risk detection, financial institutions can unify datasets and merge customer profiles to identify hidden risk across their operations.
According to Hawk, the quality and efficiency of risk detection and case investigation can be further improved with network risk analysis. This is expected to deliver increased risk coverage and greater efficiencies in the way the investigations are completed.
Fully integrated with Hawk’s anti-financial crime platform, the new module offers banks and payment providers a technology suite for anti-money laundering (AML), sanctions screening, and transaction fraud prevention.
It will also provide a consolidated real-time detection, self-service configuration, and case management.
Customers of Hawk will benefit from enhanced AI performance, said the company. The consolidated and enriched data from entity risk detection will facilitate robust prevention, detection and investigation capabilities.
Hawk chief product officer and co-founder Wolfgang Berner said: “Money launderers are constantly trying to create a smokescreen to throw financial crime detection systems and professionals off course.
“As a result, financial institutions are exposing themselves to risk, by missing the links and other clues that lead to suspicious activity.”
“Entity Risk Detection helps to clear the smokescreen.
“For example, it can help financial institutions to see that Customer A is using Product X and does not appear to present a risk to the business, but they are in fact the same person as Customer B using Product Y – and Customer B is linked to Firm C, which is on a sanctions list.”
