When it comes to detecting money laundering on a large scale, Google claims the new techniques are much more effective than conventional rules-based approaches.
After a fruitful trial with the London-based financial services company HSBC, Google Cloud has officially launched its “Anti Money Laundering AI” (AMLAI) service. Machine learning is used by AMLAI to develop risk profiles, track transactions, and do data analysis.
According to Google Cloud, HSBC, the trial partner, noticed a significant increase of two to four times in positive alerts and a 60% decrease in false positives after implementing AMLAI.
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The price of the AMLAI service will vary depending on elements including the volume of daily clients served through the AML and risk scoring systems, as well as the size of the client data set used for model training.
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The introduction of AMLAI shows Google and Google Cloud’s growing influence in the finance industry. Although generative AI technologies like Google’s Bard chatbot receive a lot of attention, the business has been actively involved as a fintech developer and a provider of banking services.
Google quickly unveiled a loan processing facility for the paycheck protection scheme during the COVID-19 outbreak. The business has also investigated various payment methods throughout time, such as the widely used Google Pay service and Google-sponsored debit cards with near-field connectivity.
Google’s expanded interest in the AML space may portend good things to come for the sector as a whole. The global AML market was estimated to be worth $3 billion in 2022, and according to research by BlueWeave Consulting, it is expected to grow to around $8 billion by the end of the decade.
Google wants to improve anti-money laundering efforts and contribute to the development and effectiveness of the sector by utilizing its AI capabilities, tackling the growing issues brought on by financial crimes.
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The introduction of AMLAI demonstrates Google Cloud’s dedication to helping financial institutions reduce risks, maintain regulatory compliance, and safeguard their operations and clients from unauthorized activity.