HSBC partners with AI startup to combat money laundering

Water reflects the HSBC Holdings Plc headquarter skyscraper offices in the Canary Wharf business, financial and shopping district in London, U.K., on Tuesday, May 2, 2017. HSBC has appeased investors with $3.5 billion of share buybacks, but after five years of declining revenue analysts are looking for evidence the bank is stabilizing its top line when it reports earnings Thursday. Photographer: Luke MacGregor/Bloomberg

NEW YORK: HSBC Holdings Plc has partnered with Silicon Valley-based artificial intelligence startup Ayasdi Inc to automate some of its compliance processes in a bid to become more efficient. 

The banking group is implementing the company's AI technology to automate anti money-laundering investigations that have traditionally been conducted by thousands of humans, the bank's chief operating officer Andy Maguire said in an interview last week.