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Google Puts the ML into AML

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23 June 2023
Ian Watson

Update from the launch of GCP’s new AML AI product

Earlier this week, Google Cloud held an analyst conference to announce its foray into anti-financial crime (AFC) technology. The company launched its AML AI product, an AI driven transaction monitoring system. The name of the product is “AML AI.” The announcement was notable in that the product is:

  • an AML solution with AI based entirely on machine learning, eschewing a rules based approach
  • GCP’s first financial services specific AI offering (and we should expect more)
  • sitting on the broader AI Vertex platform that allows Banks to build their own Gen AI apps

The AML AI solution was developed in collaboration with HSBC over the course of several years. After rigorous internal testing and refinement, the system has been in production in the UK for over a year, and HSBC has now deployed the technology in 5 of its 60 markets. In markets where HSBC has deployed GCP’s AML AI, it has shut down the legacy transaction monitoring systems.

Celent had the opportunity to evaluate the AML AI solution in its initial implementation and HSBC won our Model Risk Manager of the Year award for this implementation.You can find Neil Katkov’s case study of the HSBC solution here.

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