Google Cloud touts impact of new AML AI product
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.
Google Cloud’s AML AI generates a customer risk score using ML. The risk score is “based on the bank’s data, including transactional patterns, network behavior, and know your customer (KYC) data, to identify instances and groups of high-risk retail and commercial customers,” according to the company’s release. “The product can adapt to changes in underlying data, delivering more accurate results, which increases overall program effectiveness and improves operational efficiency.”