Google Cloud launches AML AI after successful test with HSBC.

Alphabet Inc’s (NASDAQ: GOOGL) Google Cloud Anti Money Laundering AI is set to disrupt the rule-based transaction monitoring used by financial institutions to identify money laundering. After a successful trial period with London-based HSBC Holdings Plc (NYSE: HSBC), the American tech giant is ready to roll out the AI-focused anti-money laundering program. The Anti Money Laundering AI was designed to meet model governance requirements in the banking industry. According to the company, the program is user-friendly and easy to understand for data analysts, risk managers, and auditors.

Calent, a leading research and advisory firm focused on technology for financial institutions, awarded the Google Cloud Anti-Money Laundering AI the model risk manager of the year after helping HSBC at scale.

The scalability and high-performance computing power of the Google Cloud Anti-Money Laundering AI enable it to significantly reduce batch processing time for HSBC’s large customer base. This improves detection capability and delivers more accurate results.

The new crime detection system, dubbed the Dynamic Risk Assessment (DRA), uses Google Cloud’s AML AI to help financial institutions detect crimes that are not obvious to human resources. The new AI-based AML tool has several direct benefits to the users including increased risk detection time, and lower operating costs, among others.

Google Cloud AML AI

The new Google Cloud AI AML product helps to harness the power of financial institutions’ data to train advanced Machine Learning (ML) to issue better services at scale. Moreover, the Google Cloud AML examines transaction, account, customer relationship, company, and Know Your Customer (KYC) data to identify patterns, instances, groups, anomalies, and networks for retail and commercial banks.

The AML AI product has two pricing components. The first is priced daily based on the number of banking customers. The second is based on the banking customers used in the input data for model trading and tuning.

Alphabet shares closed Thursday trading at around $123.15, up approximately 2.16 percent from the day’s opening price. As a result, GOOGL shares have gained approximately 40 percent YTD. The $1.53 trillion valued tech company has significantly doubled its investments in the AI sector amid global demand.

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