Google Cloud launches new AI against money laundering – News Block

Google Cloud has introduced a new Anti-Money Laundering AI (AML AI), an advanced AI-powered product intended to help financial institutions effectively detect and combat money laundering activities.

Money laundering poses a significant global challenge, with estimates suggesting that the annual amount of money laundered reaches 2-5% of global GDP, which is equivalent to up to $2 trillion. Illicit funds derived from money laundering are linked to various illegal activities, including drug and human trafficking, as well as terrorist financing.

AML AI, powered by machine learning, offers an innovative approach to combat money laundering efficiently and accurately. The product leverages customer data, transaction patterns, user behavior, and identifying information to identify high-risk transactions. The developers claim that AML AI performs checks 2-4 times more efficiently than existing standard procedures.

Google delays EU launch of AI Chatbot Bard over privacy concerns

The Irish Data Protection Commission (IDPC), the main regulator that oversees data in the EU, has demanded more information from Google about how the AI ​​generative chatbot protects privacy before granting approval for its launch.

System results provide rich explanations, allowing financial institutions to streamline investigative workflows and improve the customer experience.

The benefits of Google Cloud AI AML include increased risk detection, lower operational costs, improved governance and defense, and an improved customer experience. The solution has already been implemented in several regulatory jurisdictions.