Jessica Cassady’s Post

Reasons why financial crime detection teams should adopt AI: “There’s just so much data out there, that for a human being to sift through it becomes an insurmountable task.” So said Ramon Ramirez MA CAMS, CDCI, Director of AML/KYC Operations at Western Alliance Bank, on our webinar with PYMNTS last week. He was joined by Miguel Navarro, Head of Client Identity Verification and Authentication at KeyBank, and Chris Caruana (MBA, CAMS), VP of Strategy at HAWK:AI, to discuss uses of AI within the banking industry. In the session, they discussed: - When is it appropriate to use AI in anti-financial crime - The difference between an AI approach and a traditional approach - The change management checklist for banks Watch the live recap session at: https://lnkd.in/etYSBdZW #aml #fincrime #pymnts #banking #bankingtech #compliance #ai #machinelearning #webinar #paneldiscussion #toughquestions #changemanagement

Over $800 billion is tainted by money laundering annually. With stats like these, staying compliant and secure isn’t an option—it’s a must. Discover how INFOPRO’s AML Solutions provide the ultimate defense, keeping your business safe and future-proof. Read more at https://bit.ly/3ZFHhPL . . . #AML #FinancialCrime #Compliance #MoneyLaundering #RiskManagement #FinTech #BusinessSecurity #StayCompliant #FutureProof #FinancialSecurity #AntiMoneyLaundering #INFOPRO

Exciting insights from Money20/20 Amsterdam with three key takeaways shaping the future of finance on our blog: 1️⃣ UK's upcoming APP fraud regulation: Financial institutions must prepare for new responsibilities and reimbursement rules. 2️⃣ European fintechs evolving into full-service financial institutions: SuperApps are expanding their offerings and facing new regulatory challenges. 3️⃣ Instant payments raise fraud concerns: The industry calls for robust fraud detection systems before widespread adoption. As the financial landscape transforms, SEON remains committed to providing cutting-edge fraud prevention solutions. Read insights on our blog: https://lnkd.in/gjAVkFA5 Or join our webinar on June 25 with fraud & AML leaders from Tide, Pleo and more! Sign up here: https://lnkd.in/dwVtC7iM #Money2020 #FinTech #FraudPrevention #InstantPayments

Davies’ Evaluation Endorses DataVisor’s Enhanced AML/BSA Solutions, Affirming Operational Integrity and Seamless Investigation Processes for FIs “At DataVisor, we hold a steadfast commitment to continuously advancing and ensuring the quality of our product,” said Fang Yu, DataVisor co-founder and chief product officer. “By leveraging Davies’s specialized expertise and rigorous validation processes, we are able to meticulously assess and validate the effectiveness and integrity of our products. Together with Davies, we are proud to demonstrate a sound and robust AML/BSA solution with modern technology to combat financial crimes within the global financial ecosystem.” Kurt Drozd https://lnkd.in/eT6A6f86 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Hawk is today announcing a groundbreaking innovation in anti-financial crime. Entity Risk Detection enables financial institutions to combine entity resolution, real-time risk detection, and network analysis to improve their ability to identify risk and complete thorough, efficient investigations. "Money launderers are constantly trying to create a smokescreen to throw financial crime detection systems and professionals off course," said Wolfgang Berner, Chief Product Officer and Co-founder of Hawk. "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.”  The new module is fully integrated with Hawk’s award-winning anti-financial crime platform. This provides banks and payment providers with a comprehensive technology suite for AML, sanctions screening, and transaction fraud prevention, with unified real-time detection, self-service configuration, and case management. Hawk customers will also benefit from boosted AI performance, as the consolidated and enriched data from Entity Risk Detection can be used to power stronger prevention, detection and investigation capabilities.  “AI thrives on good data. The organizations that can fuel their AI with rich, high-quality data will be in a significantly stronger position to maximize risk coverage and operational efficiency. Entity Risk Detection can help to optimize the data for this purpose,” said Berner.  Read more: https://lnkd.in/e6vmN5my #aml #antimoneylaundering #fincrime #banking #payments #sanctions #fraud #entityresolution #datamanagement 

Hot on the heels of the The Wolfsberg Group statement on the importance of Entity Resolution in Monitoring for Suspicious Activity I'm delighted to share Hawk's exciting new Entity Risk Detection capability. The ability to join the dots and add context to Financial Crime detection and investigations is an essential element of an effective control environment. Hawk's new Entity Risk Detection capability reveals hidden risk, piecing together the clues for you in real-time to prevent, detect and act with confidence in derisking your customer book. This capability makes it harder for bad actors to hide in the cracks between our systems and data, raising the bar to obfuscate money flows and shelter behind fake identities. If you'd like to learn more about this exciting new capability please contact Hawk for a demo or for a deeper dive into the art and science of Entity Resolution here is a shameless plug for my book, Hands On Entity Resolution published by O'Reilly (link in comments)

#AI technology could enhance the efficacy of your organization’s #FinCrime prevention program. Crowe specialists explain how.

#AI technology could enhance the efficacy of your organization’s #FinCrime prevention program. Crowe specialists explain how.

Hawk Announces Series B Round Extension Munich, Germany-based Hawk announced an extension of its Series B funding round this week. The amount of the extension was not disclosed. But the anti-financial crime regtech said that the investment did increase its valuation. Hawk made its Finovate debut at FinovateSpring in 2022. Germany-based regtech Hawk announced an extension of its Series B funding round. The amount of the extension was not disclosed, but the company noted that the investment did significantly boost its valuation. The extension included funding from Rabo Investments, and also featured participation from existing investors BlackFin Capital Partners, Sands Capital, DN, Picus, and Coalition. Hawk will use the additional capital to fuel international growth and to help the firm meet growing demand for its AI-powered anti-financial crime solutions. “We’re honored that Rabobank has recognized the significance of our technology and joins us in building a global market-leading enterprise, while also benefiting first-hand from our solutions and experience,” Hawk CEO Tobias Schweiger said. “I would also like to gratefully thank our existing investors for their ongoing support and look forward to continuing our partnership.” Hawk, which rebranded from “Hawk AI” earlier this year, offers anti-money laundering (AML) and counter-the-financing-of-terrorism (CTF) technology that leverages explainable AI to detect more financial crime and reduce false positives. In fact, the company’s AI-powered technology delivers a 3x to 5x increase in risk detection and a 70% average reduction in the number of false positives. Banks, payments companies, and other financial services firms benefit from the ability to combine AML transaction monitoring, payment screening, and (Perpetual KYC) pKYC in a single solution that also includes powerful fraud prevention capabilities. “Rabobank has been working with machine learning applications for many years,” Rabo Investments Managing Director Martijn Scholtes said. “What impressed us most about Hawk is that they’re delivering compelling results using explainable AI. Their advanced screening, detection, and monitoring capabilities align very well with our mission to build a more secure and robust financial ecosystem.” Founded in 2018 and headquartered in Munich, Germany, Hawk AI made its Finovate debut at FinovateSpring 2022. At the conference, the company demoed its AML Surveillance Suite, which leverages traditional rule-based models and AI to provide financial institutions with next generation AML compliance. “AI should be used to achieve three major outcomes,” Hawk GM of North America Steve Liú explained at the event, “one, finding suspicious and risky behavior that peer rule systems simply cannot; two, decrease the number of false positives drastically by using behavioral profiling on top of existing rules; and third, that all of this is fully explainable for operators and auditors, and available to...

The integrity of financial systems for a long time has hinged on the proper KYC and AML measures. While things are being shaken up, KYC standards still play a vital role for the backbone of financial security. As this piece from Fintech Global points out – “KYC remains a cornerstone in the architecture of financial crime prevention. As criminals employ more advanced techniques, the continued evolution and stringent application of KYC protocols are imperative for securing the financial sector and protecting global economic integrity.” The playing field may be taken elsewhere but the foundation still remains largely the same. #Fintech #KYC #Security #FinancialSecurity