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HAWK:AI wins FinTech Germany Award in the category Artificial Intelligence

Fintech Germany Award

Munich, September 21, 2020 - The Munich startup HAWK:AI received the FinTech Germany Award 2020 in the "Artificial Intelligence" category for its use of AI in money laundering prevention. The award ceremony took place on September 17th, 2020 in Frankfurt am Main. A total of 200 young companies applied in eight different categories or were nominated by the jury.

A total of 200 nascent companies had applied in eight different categories or were nominated by the jury. "We are relying on artificial intelligence and machine learning in order to support financial institutions in combating money laundering. The FinTech Germany Award underscores our pioneering position in money laundering prevention. We owe this award to our team and our investors", as Tobias Schweiger, CEO and co-founder of HAWK:AI, underlined. 

Money laundering is a crucial issue – especially in Germany – and causes billions of dollars worth of economic damage every year. Banks, payment service providers, and FinTechs appreciate the availability of technologies – especially in combination with traditional, rule-based procedures. This results in two highly relevant effects for the companies deploying the start-up’s software. On the one hand, thanks to the precise recognition of suspected money laundering cases, process efficiency can be significantly boosted. 

On the other hand, new crime patterns can be uncovered in a more comprehensive, forward-looking manner thanks to the resources freed up. "In this context, the recognition of patterns based on data from several institutes will also play an increasingly significant role. We are pleased that supervisory authorities and money laundering prevention bodies are placing an ever-stronger focus on digitalization topics, the use of AI, and the approach of working across institutions," as Schweiger explains. The German President of the Financial Action Task Force (FATF), Dr. Marcus Pleyer, lists the "Digital Transformation of AML/CFT" – the need to digitize the fight against money laundering – as the top item on the priorities of his two-year term of office. "Based on the discussions we are involved in, we can also confirm the commitment to digitization,” as Schweiger continued. 

HAWK:AI intends to further expand its software solution for transaction monitoring: "Our extensive experience as specialists in payment transactions positions us extremely well,” Schweiger explains. In this context, the company has bolstered its team in the battle against organized crime. Stefan Raul, an experienced, former member of Germany’s Financial Intelligence Unit (FIU), recently joined HAWK:AI and will be actively promoting the ongoing dialogue at the interface of technology and money laundering prevention.

Congratulations to other great winners:

Tangany (seed stage)
Myos (early stage)
Penta (later stage)
Raisin (growth stage)
Qonto (foreign new entrance to Germany)
Getsafe (Insurtech)
Cashlink (Blockchain)

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