Google Cloud has launched an artificial intelligence (AI)-driven product dubbed Anti Money Laundering AI (AML AI) to help global financial institutions identify money laundering more effectively.
Anti Money Laundering AI offers a combined machine learning-generated customer risk score as a substitute for rules-based transaction warnings.
Google Cloud stated that the risk score is based on the bank’s data including patterns of transactions, network behaviour, and know your customer (KYC) data. It will detect instances and groups of high-risk retail as well as commercial customers.
The new product can adapt to changes in underlying data and provide more accurate outcomes. As a result, it will boost the effectiveness of the overall programme along with enhancing operational efficiency.
Anti Money Laundering AI is leveraging proprietary machine learning technology along with Google Cloud technologies, including Vertex AI and BigQuery.
The AI-powered product manages the challenges of running machine learning at scale.
Besides, it offers enhanced explanations of the outputs to support financial institutions to speed up the investigation workflow and improve the customer experience.
Furthermore, Anti Money Laundering AI offers improved governance and defensibility, increased risk detection and lower operational costs, said Google Cloud.
According to Google Cloud, the new AI-driven solution has been put into production across various geographical regulatory jurisdictions.
Google Cloud CEO Thomas Kurian said: “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.
“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.”
In March 2023, Google Cloud expanded its partnership with Nordnet to expedite the latter’s move to the cloud and develop a fully cloud-based savings and investments platform.
