Google Cloud launched a new anti-money laundering product for financial institutions that utilizes artificial intelligence (AI) and machine learning (ML) to replace the manually defined rules most existing AML detection programs use to spot suspicious transactions.
The company announced the product in a June 21 press release, touting in initial tests by HSBC it detected two to four times more true positive risk of money laundering activity in the U.K. bank’s transactions while reducing alert volumes by 60 percent.
