Google Cloud recently announced its “Anti Money Laundering AI” (AMLAI) service, following a successful trial with London-based financial services group HSBC.
AMLAI will use machine learning to create risk profiling, verify transactions, and analyze data accordingly.postBlock from Google Cloud, specify
“AI-powered transaction validation replaces manual rules-based approaches and harnesses the power of financial institution data to train advanced machine learning (ML) models to provide a comprehensive view of risk scores.”
In practice, Google Cloud claims that trial partners like HSBC saw a 2-4x increase in positive alerts and a 60% reduction in errors.
The charges will vary depending on the number of clients using the service each day with AML and risk scoring systems. and the number of customers included in the training data set used.
The launch of AMLAI marks Google and Google Cloud’s ambitions in fintech. While today’s focus is on generative AI products such as Google’s Bard chatbot, Google’s further involvement in the AML sector could be. A positive sign for a growing industry. According to the analysis of BlueWeave consultants, the size of the global AML market isatAround $3 billion by 2022 and expected to reach nearly $8 billion by the end of the decade.
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