Google Cloud has recently introduced its "Anti Money Laundering AI" (AMLAI) service, following a successful trial with HSBC. AMLAI utilizes machine learning to analyze data and monitor transactions, surpassing conventional rules-based approaches. HSBC witnessed a notable enhancement with 2-4 times more positive alerts and a 60% reduction in false positives. The cost of the service is determined by the number of customers served daily and the training data set size. This expansion signifies Google's growing involvement in the fintech sector, alongside its previous ventures in alternative payment solutions like Google Pay. The global AML market, valued at approximately $3 billion in 2022, is projected to reach nearly $8 billion by the end of the decade, despite challenges posed by non-traditional payments, evolving regulations, and an increase in money laundering cases worldwide.

#cryptomarketcap #googleai