Regulatory DataCorp (RDC), a provider of compliance screening solutions, has expanded its agreement with banking and financial services provider HSBC to offer next-generation customer screening technology to combat financial crime.

Extended until 2024, the agreement is based on the success of past seven years, which included the launch of major adverse media screening programme.

The compliance screening solutions provider is said to consolidate new coverage from over 120,000 global sources, helping HSBC to add advanced metadata and smart filters to screen efficiently for relevant risk and reduce false positives.

RDC and HSBC are planning to deploy AI-driven solutions to further reduce false positives, allowing the global bank’s financial crime teams to focus on current and predictive investigations that detect possible transgressors in real time.

RDC’s solution will also facilitate to translate efficiencies into significant cost savings for HSBC at a time when global anti-money laundering spending reaches record levels.

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.”

RDC, the Smarter Screening company, provides intelligent and automated customer screening and decision-ready intelligence to prevent criminal infiltration of the world’s financial systems.

The firm, established in 2002 by 20 financial institutions, provides services to over 1,000 global banks and financial institutions and 35,000 compliance professionals across more than 100 countries to strengthen their KYC/AML, fraud and politically exposed persons (PEPs) protection, as well as ensure sanctions and watchlist compliance, protect their brand and  manage supply chain and vendor risks.

With operations in 66 countries and territories, HSBC manages four global businesses to serve more than 39 million customers across the globe. The network of the company is spanned across Europe, Asia, North and Latin America, and the Middle East and North Africa.