Google Cloud has introduced a new Anti Money Laundering AI (AML AI), an advanced AI-powered product aimed at assisting financial institutions in effectively detecting and combating money laundering activities.
We're revolutionizing how financial services tackle money laundering detection.
— Google Cloud (@googlecloud) June 21, 2023
Check out our new Anti Money Laundering AI, an #AI-powered product that helps global financial institutions detect money laundering risks more effectively ↓https://t.co/j7i7LKaiWm
Money laundering poses a significant global challenge, with estimates suggesting that the annual amount of laundered money reaches 2-5% of the global GDP, equating to up to $2 trillion. Illicit funds derived from money laundering are linked to various illegal activities, including drug and human trafficking, as well as terrorist financing.
AML AI, powered by machine learning, offers an innovative approach to combat money laundering efficiently and accurately. The product leverages customer data, transaction patterns, user behavior, and identification information to identify high-risk operations. Developers claim that AML AI performs checks 2-4 times more efficiently than existing standard procedures.
The Internet Protocol
The outputs of the system provide enriched explanations, allowing financial institutions to streamline investigation workflows and enhance the customer experience.
The benefits of Google Cloud's AML AI include increased risk detection, lower operational costs, improved governance and defensibility, and an enhanced customer experience. The solution has already been implemented in several regulatory jurisdictions.
