Switzerland's UBS turns to British AI

Swiss banking giant UBS is to use artificial intelligence (AI) software provided by a British firm in an effort to combat money laundering.

In the revelations following 11 September, terrorist organisations were found to have passed millions of dollars through banks globally, and institutions have come under increasing pressure to better monitor their transactions.

UBS was one of 12 banks that pledged in January to do more to crack down on money laundering.

The decision to turn to AI was taken "to better address the rapidly changing banking demands we are experiencing worldwide", the company said.

The software, provided by London-based SearchSpace, is designed to flag suspicious movements of money.