There is a new anti-money laundering weapon: anti-money laundering AI. This is Google’s new service that uses artificial intelligence to fight financial crime.

Anti Money Laundering AI or AML AI is a new service from Google Cloud that helps financial institutions detect money laundering.

Advantages

Google’s new AI model replaces the more manual rules and techniques banks now need to fight money laundering. According to the tech giant, it’s faster and more precise. The system focuses on commercial banks and takes into account applicable laws.

According to Google, the model is also easy to explain for analysts, risk managers and auditors. Additionally, Google claims the model reduces false positive alerts by 60 percent.

method

Anti-money laundering AI uses financial institutions’ own data to estimate risks through machine learning. This data is analyzed to identify the top money laundering risks. To do this, AML AI looks at transactions, accounts, the relationship with the customer, the company and KYC data (know your customer).

For example, the AI ​​model identifies patterns, groups, anomalies, and networks for different banks. The system then assigns a score for each case, which provides information about important risk factors.

The invoice

The price of this service depends on two things:

• The number of bank customers who receive a check per day
• The data on the number of bank customers used to train the system

It’s good that Google recently strengthened its AI models against hacker attacks. Companies that want to find their own way in generative AI can now also count on additional services from Google.