• Google is launching an AI-based anti-money laundering system after collaborating with banking giant HSBC.
• The product uses the financial institution’s own data to identify potential money washing and improve traditional methods of countering money laundering.
• According to Google Cloud, the system will help global financial institutions detect money laundering more efficiently while reducing operational costs and improving customer experience.
Google Launches ‘Anti Money Laundering AI’ in Collaboration With Banking Giant HSBC
Google is collaborating with banking giant HSBC to launch an artificial intelligence (AI) based anti-money laundering system that will use financial institution’s own data to identify potential money washing and improve traditional methods of countering money laundering.
The Benefits Of Google’s Anti Money Laundering System
According to Google Cloud, the new product will help global financial institutions more efficiently detect money laundering while reducing operational costs and improving customer experience. It provides a comprehensive view of risk scores 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 enables business users to easily explain risk scores as well as expedite the investigation workflow and facilitate reporting across risk typologies.
What Thomas Kurian Says About The New Product
Thomas Kurian, chief executive of Google Cloud says “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.”
HSBC Tests Out The Product
In order show off its effectiveness , Google worked with HSBC to test out its new product. The results showed lower operational costs,, increased risk detectionand improved customer experience indicating that this AI system may be more effective than traditional methods for combating money launding.
This new product from Google could potentially revolutionize how global financail intitutions prevent fraud or illegal activities such as money launtering by using advanced machine learning models that can analyze large amounts of data quickly in order determine risks associatedwith certain transactions or accounts quickly.