Google Cloud has launched an AI-powered anti-money laundering product to help financial institutions detect money laundering more effectively. The product, called Anti Money Laundering AI, or AML AI for short, is already used by HSBC, Banco Bradesco, and Lunar. The API tool leverages machine learning to generate risk scores that identify high-risk banking customers based on transactional patterns, network behavior, and Know Your Customer (KYC) data. - While users can't input their own rules, they can customize the tool using their own risk indicators or typologies.
- During the trial period, partner HSBC experienced an increase in positive alerts by two to four times and a 60% reduction in false positives, according to Google Cloud.
- Despite substantial investments in anti-money laundering systems over the years, the UN estimates that around 2-5% of the global GDP, or up to $2T, is still laundered every year.
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