Neil Williams of business crime solicitors Rahman
Ravelli understands the bank's motivation for taking such an
approach.
HSBC has revealed an anti-money laundering (AML) surveillance
system and automated sanctions checking tool for its global trade
and receivables finance business.
Developed with fintech firm Quantexa, the AML system uses data,
advanced analytics and automated monitoring to detect and intercept
financial crime in international trade. It does this by combining
customer and counterparty trade information, transaction data and
other intelligence such as company ownership details.
The system is now running in the UK and Hong Kong and is set to
be introduced across HSBC's whole network. HSBC, which screens
more than 5.8M trade transactions a year for financial crime, hopes
its new technology will help it reduce the potential for money
laundering by identifying criminal activity and networks that might
otherwise have gone undetected.
