HSBC implemented artificial intelligence to fight against money laundering

Jun 6, 2017

HSBC implemented artificial intelligence to fight against money laundering

One of the biggest financial institutions in the world – HSBC –signed the agreement with Ayasdi, a startup developing leading AI solutions.

Thanks to the partnership, the bank implemented an AI algorithm to efficiently fight against money laundering.

According to CEO HSBC Andy Maguire, AI testing has already helped to decrease the amount of illegal transactions by 20%. AI allowed them to minimize risks and save considerably. The head of the institution confirmed that artificial intelligence copes with the analysis of a huge number of data much better and quicker and the findings are reliable.

Before the AI algorithm by Ayasdi was implemented, investigations of suspicious financial operations had been conducted by thousands of qualified experts. Now the bank has no need in paying salary to such a large number of employees.

HSBC is not the only organization which uses disruptive technologies to fight against criminals. The American bank JPMorgan Chase has recently implemented an AI algorithm COIN to scrutinize loan agreements. Within a second the program does the work people carry out during a year.

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