Google Cloud introduced an anti-money laundering (AML) tool powered by artificial intelligence (AI). The program will help international financial institutions find money laundering more quickly and accurately.
How Does the New Tool of Google Cloud Work?
Google Cloud hopes to differentiate its solution from the competition. This will eliminate the need for rules-based programming. In addition, it serves as a tool for setting up and running AML surveillance programs.
The United Nations estimates that approximately 2-5% of global gross domestic product, or roughly $2 trillion, is laundered annually, despite billions of dollars invested in anti-money-laundering systems. Furthermore, more than 95% of system-generated alerts are closed as “false positives” in the first stage of review.
The Google Cloud tool offers an aggregated machine learning-generated risk score. The risk score will help to pinpoint instances of high-risk retail and business clients by combining transactional patterns, network behavior, and Know-Your-Customer data.
According to Google Cloud, this method will reduce the number of alerts that HSBC received by more than 60%. The increase in “true positives” at HSBC suggests more accuracy. Banco Bradesco of Brazil and Lunar, a virtual bank from Denmark, are two of its other notable users.
Google’s AI Push Gains Momentum
Large technology companies such as Microsoft and Amazon are competing with each other to roll out new (AI) products and applications. Google had a shaky start with the launch of its Bard chatbot. However, it has since gone on to unveil multiple AI-driven applications. In addition, it includes maps, searches, and advertising campaigns.
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