HSBC is making the innovative move, for a global bank, of partnering with Google Cloud to adopt a cloud-based machine-learning powered solution as its primary anti-money laundering (AML) transaction monitoring system. The new detection system, called Dynamic Risk Assessment (DRA), uses Google Cloud’s AML AI, an AI-based risk detection product, as the core. HSBC leverages its extensive domain expertise in financial crime compliance and data assets to help train and fine-tune models created by AML AI. The scalability and high-performance computing power of the cloud enables the solution to significantly reduce batch processing time for HSBC’s large customer base and drive advanced models to improve detection capability and deliver more accurate results.
Celent sees this as a game changer in how large banks are approaching financial crime and a clear example of how advanced technologies are becoming the mainstream technology paradigm of the future for compliance.
For over 20 years, Celent has helped senior executives make confident decisions around their technology strategies to execute at scale.
As the financial services industry rapidly evolves, there is more complexity, with new regulations, startups, technologies, and applications to stay on top of and prioritize. Celent helps you connect this ever-changing puzzle. We offer objective advice and clarity, backed by a database of thousands of solutions and award-winning global best practice use cases. With real-life domain expertise, we also guide you through the maze of emerging tech in the pursuit of value.
Our people, data, insights, and relationships form the foundation for you to use Celent to make confident technology decisions in financial services.
