According to Hawk's announcement, Commerzbank has increased the accuracy (targeting) of alerts and reduced false positives, detected more novel cases of money laundering or fraud, and expanded software validation to include robust AI model governance. These results come from a collaboration between Commerzbank and Hawk, a provider of anti-fraud and anti-money laundering (AML) technologies, to optimize internal banking processes using artificial intelligence.
The solution is Hawk's "AML AI Extended Risk Model", which supplements the bank's existing rule-based compliance systems to significantly increase effectiveness in combating financial crime. The partnership underscores Commerzbank's strategy of deploying AI purposefully for customer and market processes while adapting to specific regulatory requirements.
“Given the complexity of the landscape, we can only successfully combat financial crime with the help of AI. It is a high strategic priority for us to proactively and continuously expand our compliance system architecture,” says Viktor Kraus, Cluster Lead Global Financial Crime Prevention Platform at Commerzbank. Hans-Georg Beyer, Group Chief Compliance Officer at Commerzbank, adds: “Commerzbank is using its position as a pioneer to conduct its fight against money laundering in an even more targeted manner. The collaboration with Hawk is a vital step in this direction.”
On the technical side, Hawk says that by using its extended risk model solution, banks benefit from complex AI models without the need for time-consuming updates to their existing technology, because the software integrates with legacy systems via an integration layer. Tobias Schweiger, CEO of Hawk, says: “Our software enables compliance teams to improve the quality and transparency of money laundering detection and investigations.” He adds: “In this context, the explainable nature of our AI plays a central role – particularly regarding regulatory approval.”
Details
- City
- Frankfurt
- Organization
- Commerzbank
- Continent
- Europe
- Country