The Google Cloud introduced a new tool which is intended to help financial institutions detect money laundering. The Anti Money Laundering AI (AML AI) tool, which uses artificial intelligence to detect suspicious activity, has already been tested by HSBC.
The new method uses artificial intelligence to create a risk estimate using data from banks.
Money laundering is considered one of the most significant and costly problems facing the financial services industry. It is also an increasingly complex global issue. Google claims $2 trillion was laundered last year alone.
This money is linked to crimes such as drug and human trafficking, as well as supporting terrorism. The amount of resources required to track the money includes countless hours of human analysis, work in multiple states, and constant reporting to various regulatory agencies.
As an alternative, AML AI generates an overall risk score. It tracks patterns and behaviors to provide a “money laundering score”. It is based on banking data, which includes trends, network activity and known customer data. This allows AI to quickly adapt to changes and especially monitor high-risk residential and professional consumers.
