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As one of the largest banks in the world, HSBC owns huge amounts of data – but understanding the networks and relationships within that data can be a challenge. Gaining context around this data was essential for avoiding fraud and money laundering.
HSBC has implemented the Quantexa Decision Intelligence Platform to gain effective money laundering controls that rely on context, rather than rules-based analysis. The Know Your Customer (KYC) approach, supported by Quantexa, has allowed the bank to take advantage of the vast amounts of data at its disposal. The result was the ability to detect crime early and prevent the bank from being exploited by criminals.
In this video, Quantexa CEO Vishal Marria speaks with Jennifer Calvery, Head of Financial Crime at HSBC, to see how the bank is using technology to manage its data effectively and improve financial crime detection to tackle horrific crimes, from terrorist financing and human trafficking.
The video covers:
Viewing data complexity as a code business strength instead of a disadvantage
Moving beyond mere regulatory compliance and positioning the business as an industry leader
Why understanding entities and context is the true “golden bullet” for KYC
The importance of working with regulators on public-private partnerships, capturing the best of human and machine intelligence
How cloud investments create seed and agility
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