Google and HSBC Team Up to Unleash Anti Money Laundering AI – Revolutionizing Financial Security!

By Lola Coin Jun 26, 202357Views

Google is introducing an artificial intelligence (AI) based anti-money laundering system in collaboration with HSBC. The system aims to enhance the detection of money laundering for global financial institutions by utilizing the data of the financial institution itself. It replaces the rules-based approach with AI-powered transaction monitoring, which uses advanced machine learning models to analyze transaction, account, customer relationship, company, and Know Your Customer (KYC) data. The system provides risk scores and breakdowns of key risk indicators, facilitating risk investigation and reporting. Google worked with HSBC to demonstrate the benefits of the AI system, including lower operational costs, increased risk detection, and improved customer experience. The launch reflects Google’s commitment to bringing AI-powered innovation to the financial services industry and addressing the challenge of money laundering.

Continue reading on Dailyhodl.com

Read Disclaimer

This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.