The tool was deployed in the UK and Hong Kong on August 30, and will be rolled out in a further 39 markets through 2020.
HSBC has boosted its AML arsenal with a proprietary, technology-based tool that will comb financial and trade information to identify suspicious or criminal activity.
Big data and tech have combined to become a boon for anti-money laundering endeavours, helping institutions peruse a large volume of transactions and identify suspicious patterns, an exercise that would otherwise be humanly impossible.
HSBC’s Global Trade and Receivables Finance (GTRF) business is seeking to harness these two capabilities to enhance its anti-money laundering effectiveness with its AML surveillance system, unveiled in late September.
The tool, which was deployed in the UK and Hong Kong on August 30, will be rolled out in a further 39 markets through 2020, the bank said.
“The intelligence-led platform uses big data and automated ‘contextual monitoring’ to detect and disrupt financial crime in international trade,” said Adrian Rigby, COO of GTRF at HSBC.
“The solution uses billions of data points to enable entity resolution, which is the task of connecting disparate data sets, to understand possible entity matches and non-obvious relationships by applying a probability-based scoring system,” he explained.
It also provides a network framework which references financial transactions, meaning trade activities can … [read more]