Lee Ashmore, Global Head of AML Technology at HSBC
HSBC is one of the world’s top 10 banking and financial services organizations.. The Group serves customers across 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa.
HSBC’s purpose is “Opening up a world of opportunity” with the aim to “nurture progress and growth, helping to create a better world – for our customers, our people, our investors, our communities and the planet we all share”.
Selecting to partner with Featurespace supports these efforts by strengthening the banks Anti-Money Laundering and fraud prevention capabilities.
Featurespace’s Adaptive Behavioral Analytics and best-in-class machine learning technology monitors transactions and optimizes the automatic detection of suspicious activity.
ARIC Risk Hub simultaneously analyzes multiple events to assess risk levels and identify anomalous behavior, enabling HSBC analysts to prioritize alerts and predict future threats – protecting customers from the global impact of financial crime.
Insurance transactions are more structured than the flow of funds as seen for example in banking products. Therefore, the scope for managing money laundering risk within these transactions requires a bespoke solution to address specific transaction monitoring risks. In addition to the recent Model Risk Manager Award, Celent has published an in-depth case study that details HSBC’s strategy, implementation, benefits, and learnings.
HSBC celebrates receiving Celent’s Model Risk Manager Award for Legacy and Ecosystem Transformation, at its 15th annual Innovation & Insight Week. The award recognizes how HSBC innovated transaction monitoring for its insurance business with the ARIC™ Risk Hub, the first AML technology deployed within the bank to use industry-leading rules and machine learning models.
Financial Services Club Webinar with HSBC, NatWest & Featurespace
Implementing new technology, especially a transaction monitoring solution in a large financial institution could be a lengthy and complicated endeavor. Is the perfect delivery possible? And how is it achieved? Featurespace, HSBC and NatWest share their insights on transaction monitoring solution delivery within large financial institutions.