HSBC: Cloud-Based Financial Crime Detection at Scale

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16 June 2023

Model Risk Manager of the Year 2023


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.

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