The company set out to develop a financial crime system that was both very effective at recognizing genuine positive cases of financial crime and scalable. Neonomics needed this because it wanted to reduce the amount of physical labor required for its operations.

The company's strategy was described by Anne Kristine Giltvedt Selbekk, Head of Anti-Financial Crime at Neonomics: "Neonomics takes an ambitious approach to fighting financial crime." We aim to be superior rather than merely obedient.

Choosing to work with Hawk AI was motivated by a number of things. The platform developed by Hawk AI distinguished itself as a more advanced, user-friendly option that might produce better results, particularly in terms of its screening and rescreening capabilities. This decision was also greatly influenced by Hawk AI's openness to innovation in collaboration with Neonomics and its support for an iterative implementation process.

The modular strategy used by Hawk AI, which gave them complete control over the implementation process, was a crucial component of the collaboration. Neonomics was able to establish a strong basis for compliance, particularly in Norway's stringent regulatory environment, by beginning with Transaction Monitoring. Subsequently, the Payment Screening and Customer Screening modules were integrated, allowing for instantaneous screening against multiple watchlists and simplifying the rescreening procedure.

The ongoing KYC efforts were further upgraded with the installation of the pKYC/Customer Risk Rating module, which dynamically adjusted risk levels associated with PEPs and HNWIs depending on transactional behavior. In addition to assisting Neonomics in becoming acquainted with the system, this modular and iterative approach also allowed them to handle the screening process more effectively.

Neonomics' productivity and scalability increased significantly with the adoption of Hawk AI's solutions, as evidenced by a notable 600% rise in the true positive rate. This development demonstrated the value of Hawk AI's improved screening algorithms and how they affected Neonomics' operating capacities.

Neonomics intends to use Hawk AI's machine learning skills in the future to fight financial crime even more. It is anticipated that this shift to AI-driven solutions would boost Neonomics' growth trajectory and increase the effectiveness of its day-to-day operations.

Praise for the relationship with Hawk AI came from Anne Kristine, who emphasized the two parties' common commitment to stopping money laundering and how it will help Neonomics anticipate trends in financial crime.