Google (NASDAQ:GOOGL) Cloud has recently launched a cutting-edge Anti-Money Laundering AI (AMLAI) service, following a successful trial phase with the London-based financial services group, HSBC.
The highlight of the service is that it integrates machine learning technology to construct risk profiles, monitor transactions, and analyse vast amounts of data, which is key to cracking down on money laundering operations.
According to a recent blog post from Google Cloud, the AI transaction monitoring system supplants the traditional, manual rule-based approach, harnessing instead the power of financial institutions' own data.
The launch of AMLAI is a significant move for Google Cloud, marking a deeper foray into the fintech sector as the tech giant continues to break ground with generative AI products such as the Bard chatbot.
We're revolutionizing how financial services tackle money laundering detection.Check out our new Anti Money Laundering AI, an #AI-powered product that helps global financial institutions detect money laundering risks more effectively ↓https://t.co/j7i7LKaiWm
— Google Cloud (@googlecloud) June 21, 2023
Rapid response capabilities
Google's trial phase with HSBC saw substantial improvements in risk detection efficiency, claiming that the number of positive alerts increased two to fourfold, while false positives decreased by 60%.
The cost of the AMLAI service will be dependent on several factors, including the number of customers serviced daily with the AML and risk scoring systems, as well as the size of the training data set used to initiate the model.
Google Cloud proved its rapid response capabilities during the COVID-19 pandemic with the deployment of a paycheck protection program and loan processing tool.
Furthermore, it has explored alternative payment solutions over the years, which include the widely adopted Google Pay service and Google-sponsored debit cards equipped with near-field communication connectivity.