HSBC implemented AI service for anti-money laundering and terrorism financing

In April, 2018 it became known of implementation in HSBC of the artificial intelligence technology (AI) intended for anti-money laundering, financial fraud and financing of terrorism. More and more banks prefer to use computer systems instead of a large number of employees for fight against financial crimes.

The software which HSBC decided to use was developed by the British startup of Quantexa. The service looks for suspicious activity, processing data bulks of clients, their transactions and also public information, including phone numbers, the addresses, data of the companies and news reports.

HSBC implemented AI service for anti-money laundering and terrorism financing

Jennifer Calvery who in HSBC is responsible for prevention of financial threats, says that the bank is confident in efficiency "uses of technologies and data to understand and see criminal behavior in real time so as far as it is possible".

According to Financial Times in number of April 8, 2018, for the last decade banks paid multi-billion penalties for inability to prevent illegal transactions on customer accounts therefore many large credit institutions began to cooperate with artificial intelligence specialists to correct a situation.

According to the Financial Services Authority of Great Britain   (Financial Conduct Authority), local banks spend every year 5 billion pounds sterling for fight against financial crimes. Use of AI for data analysis allows to avoid losses or it is at least essential to reduce them.

In addition to HSBC, technologies of data analysis for fight against financial crimes use banks Royal Bank of Scotland, Danske Bank  and OCBC. The HSBC company also cooperates with an AI startup of Ayasdi which helps corporation to automate investigations on anti-money laundering.^[1]

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