Hawk Enables Financial Institutions To Deliver Significant AML Wins With AI Overlay
Hawk has announced the launch of its groundbreaking Anti-Money Laundering AI Overlay solution, enabling banks to significantly reduce false positives and detect novel crime without replacing their existing anti-money laundering platforms.
“We’re seeing remarkable results with the AML AI Overlay,” said Wolfgang Berner, Chief Product Officer at Hawk. “It’s delivering prediction accuracy in excess of 85%, reducing false positives to less than 15%. Best of all, this success is coming through AI optimization rather than a total system overhaul - delivering both precision and speed to the financial institutions.”
Hawk’s AML AI Overlay removes many of the obstacles that have so far prevented major financial institutions from realizing the full value of AI in detecting money laundering:
- Provides seamless AI augmentation on top of an existing AML system, enabling banks to quickly see the benefits of AI without costly and time-intensive system replacements
- Shown to be faster and more cost-effective than in-house AI optimization efforts
- Delivers the explainability required by regulators
As a result, financial institutions can quickly activate a transformative approach to addressing the persistent challenges of managing their AML compliance operations. The benefits include:
- Reduction of false positives: impactful segmentation and expert-driven feature selection help to minimize unnecessary alerts
- Enhancement of crime detection: risks overlooked by existing systems can be identified with the AML AI Overlay, with intuitive and transparent explainability
- Acceleration of investigations: workflows can be streamlined with clear alert decision criteria and straightforward AI explanations
- Cutting of operational workloads: a 50% reduction in workload can be achieved, even when already using optimized rule sets
The AML AI Overlay combines a number of components. Key features include sophisticated AI models that reduce false positives and enable innovative AML detection, as well as a robust AI model pipeline for building, managing, validating, controlling and deploying new models. An integration layer seamlessly connects with existing AML platforms, ensuring efficient data flow through existing case management systems for maximum speed and efficiency.
“Financial institutions now have a faster, more efficient path to achieving exceptional results from their AML operations,” concluded Wolfgang Berner. “AI is setting new benchmarks in risk detection that are rapidly becoming the industry standard - and lacking access to these advanced capabilities will soon pose a significant risk in itself.”
For more information on the AI Overlay, please contact us here via email or request a demo.