"Stung by multibillion-dollar fines in the past decade for failing to stop illegal finance flowing through their accounts, many large banks are partnering with AI specialists... Using AI to sift through vast amounts of data also offers the opportunity to save money — banks spend £5bn a year on combating financial crime in the UK alone, according to the Financial Conduct Authority."
HSBC states it is "harnessing technology and data . . . to get to a place in the future where we understand and can see criminal behaviour in as near real time as possible”.
Quantexa "software scans structured and unstructured data on transactions from different sources, such as phone numbers, addresses, company directors and news reports, to look for suspicious connections."
Various sources of structured and unstructured data, including "phone numbers, addresses, company directors and news reports"
Planned; results not yet available