Google launches 'Anti Money Laundering AI' after successful trial with HSBC

Google says the new tools are much more effective than traditional rule-based approaches in detecting large-scale money laundering.

Google Cloud recently announced the launch of its Anti Money Laundering AI (AMLAI) service after a successful trial with London-based financial services group HSBC.

AMLAI uses machine learning to create risk profiles, monitor transactions, and analyze data. From a Google Cloud blog post:

"AI transaction monitoring replaces the manually defined, rules-based approach and harnesses the power of financial institutions' own data to train advanced machine learning (ML) models to provide a comprehensive view of risk scores."

In practice, Google Cloud claims that its trial partner, HSBC, saw a two- to four-fold increase in positive alerts and a 60% reduction in false positives.

The cost of the service will vary depending on the number of clients processed daily with the AML and risk scoring systems and the number of clients included in the training dataset used to develop the model.

The launch of AMLAI marks the continuation of Google and Google Cloud's ambitions in fintech. While the current AI zeitgeist focuses on generative AI products such as Google's Bard chatbot, the company has quietly made its presence felt as both a fintech developer and service provider. banking.

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During the COVID-19 pandemic, Google quickly rolled out a Paycheck Protection Program loan processing tool. Over the years, the company has