Google Cloud Launches AMLAI Service

Google Cloud has recently announced the launch of its “Anti-Money Laundering AI” (AMLAI) service, following a successful trial with the London-based financial services firm HSBC.

AMLAI creates risk profiles, monitors transactions, and analyzes data using machine learning. Per a Google Cloud blog post:

“AI transaction monitoring replaces the manually defined, rules-based approach and harnesses the power of financial institutions’ own data to train advanced machine learning (ML) models to provide a comprehensive view of risk scores.”

Google Cloud asserts that its trial partner, HSBC, saw a two- to fourfold increase in affirmative alerts and a 60% reduction in false positives.

The service cost will vary based on the number of customers serviced daily by the AML and risk scoring systems, as well as the number of customers included in the training data set used to train the model.

The introduction of AMLAI represents the expansion of Google and Google Cloud’s fintech ambitions.

While the current AI zeitgeist is focused on generative AI products such as Google’s Bard chatbot, the company has been discreetly making its mark as a fintech developer and banking services provider.

Google swiftly deployed a payroll protection program loan processing tool during the COVID-19 pandemic.

The company has experimented with alternative payment methods, such as its widely adopted Google Pay service and the introduction of Google-sponsored debit cards with near-field communication connectivity.

Google’s continued involvement in the AML sector could be a positive indicator of the industry’s continued growth.

According to an analysis conducted by BlueWeave Consulting, the global AML market was valued at approximately $3 billion in 2022 and is projected to reach nearly $8 billion by the decade’s end.

The rise of non-traditional payments, an ever-changing regulatory landscape, and a gradual increase in money laundering cases worldwide mitigate the projected growth.