Google Cloud has launched Anti Money Laundering AI (AML AI), an AI-powered product to assist global financial institutions.
AML AI utilizes machine learning to develop risk profiles, track transactions, and analyze data. Instead of relying on manual rules, the AI transaction monitoring provided by AML AI uses financial institutions’ data to train advanced ML models, resulting in more total risk scores.
In a trial with HSBC, positive alerts increased by two to four times, while false positives decreased by 60%. The pricing of the service depends on the number of clients served by the AML and risk scoring systems daily, as well as the number of clients included in the training data set.
This launch highlights Google and Google Cloud’s growing focus on the finance industry. While Google’s generative AI technologies like Bard chatbot are currently in the spotlight, the company has quietly positioned itself as a fintech developer and provider of banking services.
During the COVID-19 pandemic, Google swiftly established a loan processing facility for the paycheck protection program. Additionally, Google has explored various payment methods, including the popular Google Pay service and the introduction of sponsored debit cards with near-field communication connectivity.
Google’s involvement in the AML field aligns with the industry’s projected growth. A BlueWeave consultancy report estimated the global AML industry to surpass $3 billion in 2022, expecting to reach nearly $8 billion by the end of the decade.
Factors such as the rise of non-traditional payments, evolving regulations, and increasing money laundering cases worldwide contribute to this anticipated growth
