• Google Cloud has launched an AI-powered anti-money laundering system in collaboration with banking giant HSBC.
• The system is designed to improve the traditional methods of countering money laundering by using the financial institution’s own data to identify potential money washing.
• Google worked with HSBC to show the benefits of the new AI system, including lower operational costs, increased risk detection and improved customer experience.
Google Launches Anti Money Laundering AI
Google Cloud has launched an artificial intelligence (AI) based anti-money laundering system after working with banking giant HSBC. According to a new statement by Google Cloud, the firm is launching a new system designed to improve the traditional methods of countering money laundering by using the financial institution’s own data to identify potential money washing.
Benefits of New System
Google worked with HSBC to show the benefits of the new AI system, including lower operational costs, increased risk detection and improved customer experience. Tapping into a holistic view of your data, it directs users to highest money laundering risks by examining transaction, account, customer relationship, company and Know Your Customer (KYC) data to identify patterns, instances, groups anomalies and networks for retail and commercial banks. Each score provides a breakdown of key risk indicators which enable business users to easily explain risk scores as well as expedite investigation workflow and facilitate reporting across risk typologies.
Thomas Kurian’s Statement
Google Cloud chief executive Thomas Kurian said “Google is a pioneer in AI and now we’re making our tools technologies and expertise available to solve one of the biggest and most costly challenges in the financial services industry. Building on our commitment to bring AI-powered innovation to the financial services industry we are launching Google Cloud’s anti-money laundering (AML) AI to help financial institutions more accurately and efficiently identify AML risk while enhancing business operations and governance.”
How It Works?
AI-powered transaction monitoring replaces manually defined rules-based approach and harnesses power of financial institutions’ own data train advanced machine learning (ML) models provide comprehensive view of risk scores.
The new product from Google will help global financial institutions more efficiently detect money laundering while providing customers with better experiences overall.