HSBC to Tackle Money Laundering With AI

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June 2, 2017

HSBC Holdings Plc has partnered with Silicon Valley-based artificial intelligence startup Ayasdi Inc to automate some of its compliance processes in a bid to become more efficient.  The banking group is implementing the company’s AI technology to automate anti money-laundering investigations that have traditionally been conducted by thousands of humans, the bank’s Chief Operating Officer Andy Maguire said in an interview last week.  The vast majority of anti money-laundering investigations at banks do not find suspicious activity, resulting in a waste of resources, according to the startup.