Tech titan Google is launching 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 to help global financial institutions more efficiently detect money laundering.
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The product is designed to improve the traditional methods of countering money laundering by using the financial institution’s own data to identify potential money washing.
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“AI-powered 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.
Tapping into a holistic view of your data, the model directs you to the 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, enabling business users to easily explain risk scores, expedite the investigation workflow, and facilitate reporting across risk typologies.”
In a press release, Google says that it worked with HSBC to show the benefits of the new AI system, including lower operational costs, increased risk detection and improved customer experience.
Says Google Cloud chief executive Thomas Kurian,
“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.”
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