Neonomics Financial Crime Solution Implementation

This case study details the collaboration between Neonomics and Hawk to implement a scalable anti-money laundering (AML) compliance system. Neonomics, an open banking provider in Europe, required a robust solution to enhance their financial crime prevention strategies, specifically focusing on Transaction Monitoring, Payment Screening, Customer Screening, and perpetual Know Your Customer (pKYC). The document outlines the challenges faced by Neonomics in effectively managing financial crime detection while minimizing manual workload. The iterative approach adopted for the implementation of Hawk’s platform allowed for testing at each stage, promoting flexibility and efficiency. The results presented indicate a significant increase in Neonomics' true positive detection rate for financial crime, demonstrating the effectiveness of Hawk's advanced algorithms. The partnership is framed as a collaborative effort between Neonomics and Hawk to innovate and refine financial services, ensuring compliance with regulatory standards. The study concludes with a forward-looking perspective on applying artificial intelligence to further enhance AML efforts.