News

AI yields 20 percent improvement in efficiency of AML efforts

June 8, 2017

HSBC Holdings PLS has tapped Silicon Valley-based Ayasdi Inc. to integrate artificial intelligence into its anti-money laundering process following a successful pilot test of the technology.

The AI startup will bring automation to investigative efforts by HSBC that previously required manual administration by thousands of employees, according to a report by Reuters.

In the pilot, Ayasdi technology helped HSBC to screen out AML "false alerts," resulting in a 20 percent improvement in the efficiency of the bank's investigative process, the report said.