Google Cloud has launched an artificial intelligence (AI)-driven anti-money laundering (AML) tool aimed at helping financial institutions efficiently detect money laundering activities.
Google Cloud said that its AML AI functions by using machine learning to generate customer risk scores as an alternative to rules-based transaction alerting.
Banks data, including transaction patterns, network behaviour, and Know Your Customer (KYC) dictates, are used to identify instances and groups of high-risk retail and commercial customers, Google said, noting that the tool can also adjust to changes in underlying data which it said helps to gather more accurate results and increase the tool’s overall effectiveness.
AML AI also generates auditable and explainable outputs to support FSIs’ internal risk management – a measure Google says will speed up individual investigations.
Thomas Kurian, chief executive of Google Cloud, said: "Google is a pioneer in AI, and now we're making our tools, technologies, and expertise available to solve one of the biggest and most costly challenges in the financial services industry.”
Kurian continued: "Building on our commitment to bring AI-powered innovation to the financial services industry, we are launching Google Cloud's AML AI to help financial institutions more accurately and efficiently identify AML risk while enhancing business operations and governance."
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