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Report: HSBC in talks to launch new AI system to identify financial crime

HSBC Holdings PLC is in discussions with regulators to launch a new artificial intelligence system, which will analyze customer behavior to identify money laundering and other criminal activities faster, The Daily Telegraph reported, citing sources.

One of the sources noted the algorithm of the system would look at a banking customer and compare its financial behavior with other similar customers and make a probability if there is anything suspicious. The talks are understood to be a "multiyear conversation," according to the sources.

Global banks are under growing pressure to establish more sophisticated systems to tackle illicit activities and financial crime.

HSBC has worked with AI startups including Quantexa and Ayasdi in the past, but it was unclear whether either firm was advising the British lender on its latest project, according to the report.