VakıfBank International Partners with Hawk to Strengthen Anti-Money Laundering Operations
Hawk is pleased to announce the successful deployment of its advanced anti-financial crime platform for VakıfBank International AG, setting a new standard in anti-money laundering (AML) compliance and perpetual KYC. This strategic partnership underscores Hawk's commitment to delivering scalable, innovative solutions that meet the evolving demands of global financial institutions.
VakıfBank International AG selected Hawk’s state-of-the-art technology, recognizing its comprehensive functionality and robust SaaS delivery model, which offers seamless integration and extensive customization capabilities. This decision reinforces VakıfBank's dedication to maintaining the highest standards of regulatory compliance and operational excellence.
Horst Gottsnahm, Chief Risk Officer at VakıfBank International AG, remarked; "Hawk has exceeded our expectations in a number of critical areas. Their platform delivered all the functionalities we needed, while replicating our existing setup with absolute confidence. Their modern case management interface and highly customizable SaaS solution also empowered us to adopt a more advanced and efficient approach in detecting and combating financial crime."
Hawk's modular platform is now integral to VakıfBank's operations, driving efficiencies in AML Transaction Monitoring, Transaction Screening, Customer Screening, and Customer Risk Rating. By leveraging Hawk’s holistic solution, VakıfBank is gaining improved visibility and decision-making capability through a unified interface, streamlining case management and enhancing cross-module data accessibility.
Gottsnahm continued; "Regulatory compliance is an absolute priority for us, as it is for every financial institution. We adhere to the highest standards to meet the rigorous demands of both the FMA, as our national regulator, and the European Central Bank. Hawk has consistently demonstrated reliability and transparency throughout our partnership so far and we look forward to continuing our work together."
Tobias Schweiger, CEO at Hawk, said; "Banks need modern technology in place to meet the demands of regulatory standards, ever-evolving risk, and internal cost pressures. We’re delighted to be working with VakıfBank - we share a diligent, holistic approach to detecting financial crime and we’re looking forward to working with them."
Hawk’s stellar growth has continued in 2024. Founded in 2018 by finance industry veterans, the company has rapidly scaled globally and currently monitors or screens billions of transactions worldwide. The company’s explainable AI approach has proven to be a game-changer in the industry, enabling financial institutions to drastically reduce false positive rates compared to traditional AML/CFT solutions, while also detecting more unseen and novel crime. Hawk’s modular solution can either enhance or replace traditional rules-based systems with AI-powered transaction monitoring, payment screening, perpetual KYC, and fraud prevention in real-time to deliver greater accuracy and reduced noise.