Security

Google Cloud intros AI anti-money laundering solution

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June 21, 2023

Google Cloud has unveiled its Anti Money Laundering AI to help financial institutions detect money laundering. The solution is designed to replace legacy AML monitoring products, which rely on manually defined rules which criminals can get around, according to a press release.

The AML AI uses a machine learning-generated customer risk score, based on transactional patterns, network behavior and know-your-customer data to identify risky behavior. It is designed to reduce alert volumes and reduce false positives, which in turns minimizes the need for customers to deliver more compliance verification checks.

The AI uses Google Cloud technologies including Vertex AI and BigQuery to deliver machine-learning at scale and expedite investigations.

"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," Thomas Kurian, CEO of Google Cloud, said in the release. "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."