British banking major HSBC has extended its ongoing partnership with customer screening solutions provider Regulatory DataCorp (RDC).
Following the latest agreement, RDC will provide customer screening technology to HSBC until 2024. The technology will enable the British lender to prevent money laundering and combat financial crimes.
The latest agreement builds on a seven-year partnership in safeguarding HSBC’s financial systems.
The collaboration also saw the roll-out of the adverse media screening programme. It screens individuals and businesses for unfavourable news coverage to maintain anti-financial crime environment.
The screening helps the financial institutions to identify suspicious customers years ahead they are sanctioned or put under watchlist.
RDC covers news from more than 120,000 global sources adding smart filters that will enable HSBC to assess relevant risks.
The process also reduces false positives and enables the bank to run effective risk-based compliance procedures.
RDC CEO Tom Walsh said: “We are impressed by HSBC’s commitment and proven expertise in the fight against all forms of global financial crime.
“We are extremely pleased to offer the industry gold-standard data and innovative technologies to enable their ongoing success.
“We are committed to keeping criminals out of the global financial system and standing side-by-side with HSBC in that fight serves both our missions well.”
The two companies will now work to deploy AI- driven solutions to drive down false positives in the screening process.
Last month, HSBC partnered Element AI to use its artificial intelligence software to facilitate data analysis for clients.