New AI based Anti-Money Laundering Tool Released By Google Cloud

Google Cloud launched a new AI (artificial intelligence) based anti-money-laundering tool on June 2023. Newly developed AI-driven tools will help banks as the company focuses on making itself unique among the surveillance platforms with less human input for processing the screening of money-laundering risks.  

Like other tools, the new tool developed by Google will use machine learning to help its customers follow the rules in the financial sector to report any potential activity on suspicion. It is specifically designed to focus on retail and commercial banking along with helping customers with its features. It can also explain the situation to the risk manager, auditors, and analysts. According to Google, anti-money laundering (AML) AI has two pricing categories – AML score depends on the number of customers for banking services billed per day; and Model training and tuning considers the number of banking customers in the input datasets usages.

There are several benefits to the newly launched AML tool by Google, such as it can detect up to 3-4 times to confirm suspicious activities to strengthen the AML program. It can reduce false positives by up to 60 percent and is highly disciplined to gain explainable outputs of regulatory compliance and internal risk management. According to Google Cloud, customers cannot give their own rules as input but can customize their tools by using their own risk indicators. This development by Google will give new heights to artificial intelligence technology to have an excellent approach to processing AML tools.