Google Cloud Launches AI-Powered Bank Anti-Money Laundering Tool.

Google Cloud intends to distinguish their product by eliminating rules-based programming, which is often used to set up and run AML monitoring operations.

The United Nations estimates that approximately 2-5% of global GDP, or approximately $2 trillion, is laundered annually, and despite billions of dollars invested in anti-money-laundering systems over the last few decades, over 95% of system-generated alerts are closed as “false positives” in the first phase of review.

As an alternative, Google Cloud’s product delivers a consolidated machine learning-generated risk score. The risk score is created by combining transactional patterns, network activity, and Know-Your-Customer data to detect instances of high-risk retail and commercial clients.

Using this method, Google Cloud claimed that their AI technology reduced the number of warnings received by HSBC by more than 60%. HSBC’s “true positives” increased by two to four times, indicating improved accuracy. Brazil’s Banco Bradesco and Denmark’s digital bank Lunar are among its other famous customers.

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