• Google is launching an AI-based anti-money laundering system in collaboration with banking giant HSBC.
• The product is designed to improve the traditional methods of countering money laundering by using the financial institution’s own data to identify potential money washing.
• Google says that it worked with HSBC to show the benefits of the new AI system, including lower operational costs, increased risk detection and improved customer experience.
Google Launches ‘Anti Money Laundering AI’
Google Cloud has announced the launch of a new artificial intelligence (AI) based anti-money laundering system in collaboration with banking giant HSBC. This system is designed to help global financial institutions more efficiently detect money laundering and replace traditional methods of countering money laundering.
The product harnesses the power of financial institutions’ own data to train advanced machine learning models that provide a comprehensive view of risk scores. It taps into a holistic view of its data, directing users towards higher risk levels 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 allowing business users to easily explain risk scores, expedite investigation workflow and facilitate reporting across risk typologies.
Google claims that this product will bring about multiple benefits for global financial institutions such as lower operational costs, increased detection rates for suspicious activities and improved customer experience overall. Thomas Kurian – CEO of Google Cloud – commented on this launch saying “Google is a pioneer in AI […] we are launching [this] anti-money laundering (AML) AI to help financial institutions more accurately and efficiently identify AML risk while enhancing business operations and governance”.
Collaboration With HSBC
The project was tested out with HSBC where it was able to lower operational costs as well as increase detection rates for suspicious activities compared to traditional methods without compromising customer experience or accuracy levels significantly. Furthermore, this also enabled faster investigations due to better automated processes in place which could not be achieved through manual means previously.
This collaboration between Google Cloud & HSBC provides a glimpse into what could be achieved when joining forces between tech giants & global financial institutions; leveraging their respective expertise for mutual benefit & progress towards preventing money laundering crimes worldwide