New Google Tool Fights Money Laundering

Google has recently launched its large-scale money laundering detection tools, which are based on the latest artificial intelligence (AI) technology.

Google has recently launched its large-scale money laundering detection tools, which are based on the latest artificial intelligence (AI) technology. The search engine giant claimed that these advanced tools are significantly more efficient than the traditional rule-based methods that financial institutions have relied on in the past.

For years, financial institutions have been using human judgment to adjust their systems and identify potentially risky transactions and customers. Now, Google Cloud aims to revolutionize this process by incorporating AI technology to provide better control and precision in identifying financial activities that are highly prone to money laundering.

The Anti-Money Laundering AI (AMLAI) service has been launched after a successful trial with HSBC, a London-based financial services group. AMLAI, which employs machine learning techniques, monitors transactions, analyzes data and creates risk assessment profiles to track and identify fraudulent activities.

According to Google, HSBC has reported a 2-4x increase in the number of positive alerts and a 60% decrease in false positives since implementing the AMLAI system.

The cost of subscribing to this service will vary depending on the number of clients served daily, the risk assessment system in place, and the size of the client dataset used to operate the model.

This new service embodies the fintech ambitions of Google and Google Cloud. Google has recently entered the market as a fintech developer and banking service provider, and has quietly launched AI products like the Bard chatbot. During the COVID-19 pandemic, the company also quickly implemented a loan processing tool in its workers' pay protection program. In the years that followed, the company has worked on alternative payment solutions, such as the widely adopted Google Pay service and the introduction of a communication-connected Google-sponsored debit card that uses near-field communication.

Google's entry into the anti-money laundering (AML) field is a positive development for the growing industry. Industry analysts from consulting firm BlueWeave have projected the global AML market size to be $3 billion by 2022 and nearly $8 billion by the end of the decade. The expected drivers of this growth include a rise in non-traditional payments, a frequently changing global regulatory landscape, and an increase in money laundering cases worldwide.

Google's introduction of the AMLAI service could enhance the efficiency and accuracy of the financial industry's money laundering detection capabilities. This new development can be attributed to Google's drive to not only launch new AI products but also to enter the fintech market. Through AI technology, Google Cloud aims to provide a comprehensive risk assessment system that can help financial institutions identify and prevent fraudulent activities, and ultimately make the financial industry safer and more secure.