Google Cloud unveils AI-based anti-money laundering model

Google Cloud has announced a tool called Anti Money Laundering AI. Artificial intelligence should make it easier for financial institutions to detect money laundering. It is not known what customers would have to pay for the AI ​​package.

Google’s model, which is abbreviated to AML AI, uses various data sources to arrive at a risk score, like this the company states. Transaction patterns, online activity and know your customer data, among other things, contribute to the risk score of artificial intelligence. Instead of the usual alarm bells that go off with specific predetermined patterns, the AI ​​tool must determine a risk score in a more dynamic and nuanced way.

Based on the detection capabilities of AML AI, customers, which in this case would be large financial companies and banks, can take action against alleged perpetrators. British bank HSBC would be the first to use Google’s AI cloud technology. The number of correct positive reports of money laundering practices at the bank would have increased two to four times compared to before, when traditional anti-money laundering measures were used based on predetermined parameters. The total number of notifications would then have fallen by more than sixty percent, which indicates a significant decrease in false positive notifications.

According to the United Nations Between $800 billion and $2 trillion in money is laundered worldwide every year. That is between two and five percent of the world’s gross national product.