Google Cloud launches AI-powered AML offering for financial institutions
Google Cloud has announced the launch of a new tool called Anti-Money Laundering AI (AML AI), an artificial intelligence-led product enabling financial institutions to better detect money laundering.
Google Cloud launches AML AI tool
Claiming to help increase risk detection and lower operational cost, Google Cloud’s AML AI offering provides a machine learning-generated customer risk score as an alternative to rules-based transaction alerting.
The risk score is based on bank data including transaction patterns, network behaviour, and know your customer (KYC) data to identify high-risk retail and commercial customers. Google Cloud says the product can adapt to changes in the underlying data to deliver more accurate results, which increases overall effectiveness and improves operational efficiency.
To date, the solution has been put into production across several geographic regulatory jurisdictions. Customers include HSBC, Bradesco and Lunar.
“Google Cloud’s AML AI has significantly improved HSBC’s AML detection capability,” says Jennifer Calvery, group head of financial crime risk and compliance at HSBC.
“We have been able to improve the precision of our financial crime detection and reduce alert volumes, meaning less investigation time is spent chasing false leads. We have also reduced the processing time required to analyse billions of transactions across millions of accounts from several weeks to a few days.”
Going forward, Google Cloud says it plans to provide generative AI functionalities to the financial services industry to help boost employee productivity and reduce the time needed for an analyst to investigate potential suspicious activity.
