Google Cloud revolutionizes the fight against money laundering with its new service
The company launched "Anti Money Laundering AI" (AMLAI) in order to increase its efforts against money laundering
Google Cloud recently launched its “Anti Money Laundering AI” (AMLAI) service after a successful trial with HSBC, the London-based financial services group.
AMLAI uses machine learning to create risk profiles, monitor transactions, and analyze data. According to a Google Cloud blog post, this AI-based approach replaces the manual, rule-based method, leveraging data from financial institutions to train advanced machine learning (ML) models and provide a comprehensive view of performance scores. risk.
In testing with HSBC, Google Cloud reported achieving a two to four times increase in the number of positive alerts, while reducing false positives by 60%.
The cost of the service will depend on the number of clients using the AML and risk scoring systems on a daily basis, as well as the number of clients included in the training dataset used to develop the model.
The launch of AMLAI represents a step forward in the ambitions of Google and Google Cloud in the field of fintech. While currently focused on generative AI products, such as Google’s Bard chatbot, the company has been working quietly as a fintech developer and banking services provider.
During the Covid-19 pandemic, Google quickly implemented a loan processing tool for the Payroll Protection Program. Over the years, the company has dabbled in alternative payment solutions, such as its widely adopted Google Pay service, as well as the launch of NFC-enabled Google-sponsored debit cards.
Google’s increased involvement in the fight against money laundering could be a positive sign for the growing industry. According to an analysis by consultancy BlueWeave, the size of the global anti-money laundering market is estimated to have been around $3 billion in 2022 and is expected to reach nearly $8 billion by the end of the decade.
K. Tovar
Source: Cloud
(Reference image source: Daniel Romero, Unsplash)
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