HSBC (HSBC) has partnered with Silicon Valley-based artificial intelligence startup Ayasdi to automate a number of its compliance processes to become more efficient, Reuters reports.
The London-based banking group will implement Ayasdi's AI technology to automate anti-money laundering probes which have traditionally been handled by thousands of people, HSBC COO Andy Maguire said.
"It's a win-win," Maguire affirmed. "We reduce risks and it costs less money."
The overwhelming majority of anti-money laundering investigations at banks do not detect unusual activity, resulting in a waste of resources, according to the startup.
In a test of Ayasdi's technology, HSBC saw the number of investigations drop by 20% without diminishing the number of cases assigned for further analysis, Ayasdi said.
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