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Briefing
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- Financial Crime AI – HSBC partnered with artificial intelligence (AI) analytics startup Qantexa to introduce algorithm-based system for detecting over 50 potential money laundering scenarios, including suspicious activities and common strategies of criminal networks
- Geographical Scope – System currently screens trade finance transactions in U.K. and Hong Kong, and will be rolled out worldwide in future
- Data Analysis – Analyzes billions of data points including internal and external data, transactions, company ownership and directorship details
- Automated Sanctions Tool – Also developed automated sanctions checking tool designed for investigators to reduce manual checks and processing time for searches, enabling better focus on risks
- Opportunity Seeking AI – Repurposed one financial crime detecting algorithm to identify potential new businesses, whether by sector, company growth and connection to existing clients
- Britain Case Study – Mapped 22.5 million entities and people in Britain to identify network of connections in three minutes that would take human staff three hours using manual methods
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Accelerator
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Market Disruption
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Business Model and Practices
Business Model
and Practices
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Sector
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Financial Services, Information Technology
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Function
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Legal, Marketing and Business Development
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Organization
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HSBC Holdings plc, Qantexa
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Source
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Original Publication Date
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September 27, 2019
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