HSBC has announced plans to begin using big data technology to combat money laundering.
The UK bank will use technology created by big data specialists Quantexa to improve its ability to spot potentially suspicious activity.
“We are honoured to be working with HSBC in their mission to combat money laundering,” said Vishal Marria, CEO of Quantexa.
“Our market-leading technologies will be supporting the bank to join the dots of all their data to give a broader understanding of their customers and transactions across the globe.
“Through a better understanding, HSBC will be better equipped in their fight against financial crime.”
The technology uses AI and big data software to analyses internal, publicly available, and transactional data within a customer’s wider network to flag activity which could be illegal.
The deployment of the technology follows a pilot of the software with HSBC in 2017 and will see the global bank and data start-up work together.
The technology will help the bank fulfil its regulatory responsibilities and provide better understanding of the overall risk.
“HSBC is continuously looking for ways to build on our existing capabilities to detect and prevent financial crime,” said Ray O’Brien, HSBC’s Global Risk COO and Head of Global Risk Analytics.
“Following our investment in Quantexa, we are looking forward to working closely with the company to utilise its technologies.”