The startup develops a financial crime detection platform that utilizes advanced algorithms for anti-money laundering and fraud surveillance. This technology enhances information sharing among banks, payment companies, and fintech organizations, improving the efficiency of their financial crime prevention efforts.
Funding
$14.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
MCRIFounders
Product
Problem
Financial institutions face increasing pressure to comply with anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations, leading to high operational costs and a large volume of false positive alerts. Traditional AML systems often struggle to detect complex crime patterns and emerging risks, requiring significant manual review and intervention.
Solution
Hawk provides an AI-powered AML and fraud detection platform that helps financial institutions increase risk coverage, improve efficiency, and reduce false positives. The platform combines traditional rule-based systems with advanced AI and machine learning techniques to identify suspicious activity and emerging risks that traditional systems may miss. Hawk's modular platform offers transaction monitoring, payment screening, customer screening, customer risk rating, transaction fraud detection, and an AI overlay to augment existing AML systems. The platform's explainable AI provides transparency and auditability, enabling stakeholders to understand and trust the system's results.
Target Audience
Hawk primarily serves banks, payment companies, neobanks, fast-growing fintechs, and cryptocurrency firms that need to enhance their AML and fraud detection capabilities while reducing operational costs and improving regulatory compliance.
Features
- AI-powered anomaly detection to identify emerging risks and unknown AML threats
- Reduction of false positives by up to 70% using AI, minimizing operational costs
- Explainable AI provides transparency into decision-making for analysts and regulators
- Modular platform offering transaction monitoring, payment screening, customer screening, customer risk rating, and transaction fraud detection
- Real-time payment screening with an average screening time of 150 milliseconds
- Flexible list management to combine internal and external data sources
- Unified case management to streamline investigations and improve analyst productivity
- No-code rule setup for creating and adjusting rules without developer expertise
- Integration with external data sources, including sanctions lists and watchlists
- Support for various deployment options, including SaaS, private cloud, and on-premises