Yes, Google Cloud recently announced the launch of its Anti Money Laundering AI (AMLAI) service after a successful trial with London-based financial services group HSBC. AMLAI uses machine learning to create risk profiles, monitor transactions and analyze data.
The benefits of transaction monitoring AI
According to a Google Cloud blog post, AI-based transaction monitoring replaces the manually-defined rules-based approach and harnesses the power of financial institutions’ data to train advanced machine learning models to provide a comprehensive view of risk scores. In practice, Google Cloud claims that its test partner, HSBC, has seen a two- to four-fold increase in the number of positive alerts and a 60% reduction in false positives.
Cost and impact of AMLAI
The cost of the AMLAI service will depend on the number of daily customers with risk rating and anti-money laundering systems, as well as the number of customers included in the training dataset used to implement the model. The launch of AMLAI testifies to the growing ambition of Google and Google Cloud in the fintech field.
Google and the fintech sector
While today’s AI focuses primarily on products such as Google’s Bard chatbot, the company has quietly established itself as a fintech developer and banking services provider. Over the years, Google has explored alternative payment solutions such as its widely adopted Google Pay service and the introduction of Google-sponsored debit cards with NFC connectivity.
Impact on the money laundering market
Google’s involvement in the anti-money laundering sector could be a positive sign for this growing industry. According to an analysis by BlueWeave Consulting, the size of the global anti-money laundering market was estimated at around $3 billion in 2022, and is expected to reach nearly $8 billion by the end of the decade. Factors contributing to this growth include the rise of non-traditional payments, an ever-changing regulatory landscape and a steady increase in the number of money laundering cases worldwide.
Against this backdrop, it’s important to have high-performance tools for analyzing financial markets, particularly those linked to cryptocurrencies. The cryptoview.io application enables you to perform technical analyses, use price, RSI and volume scanners, and set alerts to be notified when expected thresholds are reached.
Disclaimer: This article does not constitute investment advice and presents risks of capital loss. Please do your own research before making any investment decisions.
