Anti-money laundering added to Modularbank’s range of skills

By Oliver Smith on Thursday 11 March 2021

Digital Banking

With a little help from HAWK:AI in Germany.

Anti-money laundering added to Modularbank’s range of skills
Image source: Vilve Vene/Modularbank.

Estonian core banking provider Modularbank is adding anti-money laundering (AML) capabilities to its roster of services.

The addition comes via a partnership with HAWK:AI, a Germany-based AML platform that competes with the likes of ComplyAdvantage.

Banks, fintechs or even regular businesses that use Modularbank’s cloud tech can quickly add real-time transaction monitoring and sanction screening without working with another provider.

“This results in a reduction of manual workload and delivers significant cost savings, in addition to achieving better detection rates,” said HAWK:AI CEO Tobias Schweiger. 

“We believe that an integrated approach spanning core banking and AML/CFT systems reduces risk, both from a technology and compliance standpoint.”

Modularbank only secured seed funding in December, but is quickly building out its suite of services, including lending and payments processing.

CEO Vilve Vene has previously said the business aims to reach 100 employees by the end of 2021, up from the 35 it employed at the end of last year.

Currently based in Tallin and Berlin, Modularbank is planning on launching commercial operations in the UK this year, starting with a London office, and expanding into France, DACH and Southern Europe from its Berlin HQ.

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