Using AI, Google Cloud Aims to Put an End to Money Laundering

Google Cloud has announced the launch of its new Anti Money Laundering AI (AML AI) tool designed to help financial institutions detect money laundering more efficiently. The company aims to bring an end to the $2tn problem costing banks every year, which is around 2-5% of the global GDP. Legacy AML systems rely on manually defined rules and are fast becoming outdated as criminals improve their techniques. AML AI, on the other hand, integrates artificial intelligence to help the system keep up-to-date with ever-changing criminal activity. HSBC has already adopted Google’s technology in its key markets, and this move has resulted in the identification of 2-4x more suspicious activity whilst reducing alert volumes by over 60%. Furthermore, AML AI can help with false-positive reduction and increase efficiency, saving banks operational costs. The tool is more adaptable to different governance and defensive requirements and appeases different geographical regulatory requirements. In the whitepaper, the company quotes HSBC’s group head of financial crime risk and compliance who said: Google Cloud’s AML AI has significantly improved HSBC’s AML detection capability. Jennifer Calvery, HSBC further praised Google models for their demonstrated potential in transforming anti-financial crime efforts industry-wide. Google’s CEO expressed excitement in seeing the tools, technologies, and expertise made available to the financial services industry solving one of their major challenges.