Wells Fargo to use AI to combat op risk
Wells Fargo, the San Francisco-based banking and financial services company, has bought an automated anti-money laundering software solution from IBM and Searchspace, a specialist software vendor, that will use artificial intelligence to monitor every transaction that flows through Wells Fargo and highlight unusual transactions.
Among Searchspace's other clients for anti-money laundering software are Archipelago, Bank of New York, Bank of Scotland, Barclays, Lloyds TSB, The Royal Bank of Scotland and UBS.
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