RDC and HSBC Extend Agreement to Help Combat Money Laundering With Industry-leading Customer Screening Solutions

Partnership will build on the success of the past seven years in preventing criminal infiltration of HSBC’s financial systems and see new AI-driven enhancements implemented globally.

KING OF PRUSSIA, Pa. & LONDON–(BUSINESS WIRE)–RDC (Regulatory DataCorp), the global leader in compliance screening, has extended its agreement with banking and financial services leader HSBC to provide next-generation customer screening technology as part of a collaborative effort to combat financial crime. The agreement, extended until 2024, will continue to build on the accomplishments of the past seven years which have seen the global roll-out of an industry-leading adverse media screening programme.

Screening both individuals and businesses for unfavourable news coverage has become a critical component of today’s anti-financial crime environment, capable of surfacing possible risk years before individuals appear on sanctions or watchlists.

RDC consolidates news coverage from more than 120,000 global sources, adding rich metadata and smart filters which allow HSBC to screen efficiently for relevant risk while reducing false positives. HSBC’s sophisticated and dynamic risk-based compliance procedures can therefore be tuned to precisely the right level and adjusted at any time.

“We are impressed by HSBC’s hard-fast 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,” said Tom Walsh, RDC CEO. “We are committed to keeping criminals out of global financial institutions and standing side-by-side with HSBC in that fight serves both our missions well.”

RDC’s and HSBC’s next frontier is the deployment of AI-driven solutions which are capable of reducing false positive distractions even further, enabling the global bank’s financial crime teams to focus efforts on current and predictive investigations that identify and address possible transgressors in real time. The efficiencies brought about by RDC’s solution will also translate into significant cost savings for HSBC at a time when global anti-money laundering spending is reaching record levels.

About RDC

RDC, the Smarter ScreeningTM company, prevents criminal infiltration of the world’s financial systems by delivering intelligent, automated customer screening and decision-ready intelligence. RDC serves more than 1,000 global banks and financial institutions and 35,000 compliance professionals across more than 100 countries in strengthening their KYC/AML, fraud and politically exposed persons (PEPs) protection, ensuring sanctions and watchlist compliance, protecting their brand and reputation and managing supply chain and vendor risks. Founded by 20 of the world’s leading financial institutions in 2002, today RDC is a Vista Equity Partners portfolio company. Learn more about RDC by emailing info@rdc.com or visiting www.rdc.com.



Terese Fernandez

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