Google Cloud Launches Anti-money Laundering AI Tool
Google Cloud has introduced its Anti Money Laundering AI (AMLAI) service, following a successful trial with HSBC. AMLAI utilizes machine learning to develop risk profiles, monitor transactions, and analyse data.
The service's pricing structure will be based on the number of customers served daily, the AML and risk scoring systems involved, and the size of the training data set used to train the model. This launch showcases Google's expanding focus in the fintech industry, as it aims to establish itself as a developer and vendor of banking services, alongside its notable advancements in generative AI products like the Bard chatbot.
Amidst the COVID-19 pandemic, Google swiftly implemented a tool for processing paycheck protection program loans. Alongside its established Google Pay service and the introduction of Google-backed debit cards with near-field communication capabilities, the company has also explored alternative payment solutions.
Google's expanded involvement in the anti-money laundering (AML) sector could be seen as a positive development for the industry, which is predicted to grow significantly in the coming years. Analysts estimate that the global AML market was valued at approximately 3 billion USD in 2022 and is anticipated to approach 8 billion USD by the end of the decade.
Sources:
https://cointelegraph.com/news/google-launches-anti-money-laundering-ai-after-successful-hsbc-trial
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