Google Cloud launches AI-powered anti-money laundering tool

Syo@kbin.social to Technology@kbin.social – 7 points –
Google Cloud launches AI-powered anti-money laundering tool
techmonitor.ai

The new system from Google Cloud deploys AI to create a risk score built using bank information. This includes KYC data and network patterns.

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Described as one of the biggest and most costly challenges facing the financial services sector, money laundering is an increasingly complex and global problem. According to Google, last year $2trn was laundered last year alone, with an average of between 2%-5% of global GDP pouring through the system annually.
HSBC was the test customer for the new product, finding it outperformed current systems in detecting financial crime risk. They found a two to four times increase in true positive risk and a 60% drop in alert volumes. This reduced operating costs and sped up detection.

This is most welcome as boomers move into online transactions, expect to see overall industry replacing rule-based systems with AI systems if the data analyzed isn't persistent and ever changing.