Google Cloud recently announced the launch of its “Anti Money Laundering AI” 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. Per a blog“AI transaction monitoring replaces the manually defined, rules-based approach and harnesses the power of financial institutions’ own data to train advanced machine learning models to provide a comprehensive view of risk scores.”
In practice, Google Cloud claims its trial partner, HSBC, saw an increase of two to four times the number of positive alerts and a 60% reduction in false positives. The service’s cost will vary depending on the number of customers serviced daily with the AML and risk scoring systems and how many customers are included in the training dataset used to spin the model up.
AMLAI’s launch signifies the furtherance of Google and Google Cloud’s ambitions in the fintech space. While the current AI zeitgeist centers around generative AI products such as Google’s Bard chatbot, the company has quietly been making its presence felt as both a fintech developer and banking services vendor.
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