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HSBC: Cloud-Based Financial Crime Detection at Scale

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29 March 2023
Neil Katkov

Model Risk Manager of the Year 2023

HSBC is making the innovative move—for a global systemically important bank (G-SIB)—of adopting a cloud-based solution to serve as its primary anti-money laundering (AML) transaction monitoring system. Moreover, the solution uses artificial intelligence (AI) as its core detection method. The bank determined that the scalability and high-performance compute power of the cloud would significantly reduce batch processing time for its large customer base. The new transaction monitoring system, called Dynamic Risk Assessment (DRA), was developed in partnership with Google, which provides the core AI platform and runs it on the Google cloud. HSBC contributes its domain expertise in financial crime detection and its massive amounts of data upon which to train the AI models. Celent sees this as a significant initiative in terms of the overall transition of risk functions to a digital footing.

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