HSBC brings in AI to help spot money laundering

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April 9 2018

HSBC is bringing in robots to help it spot money laundering, fraud and terrorist funding, as the latest bank to harness artificial intelligence to tackle financial crime more quickly and cheaply than with armies of compliance staff.

Europe’s biggest bank is planning to integrate the AI software of Quantexa, a UK-based start-up, to screen the vast amounts of data it holds on customers and their transactions against publicly available data, in the search for suspicious activity.