Google released an AI tool that will help banks to fight criminals
IT giant launches AI service designed to fight money laundering
Google has introduced Anti-Money Laundering (AML) AI, an artificial intelligence tool aimed at assisting financial institutions in combating money laundering.
With AML AI Google Cloud, transaction histories and online customer behaviours are analysed to detect suspicious activities, providing companies with a comprehensive risk assessment for their users.
According to Google developers, this innovative tool enables the identification of potential financial criminals 2-4 times more efficiently than traditional methods. HSBC, a major financial holding, has already adopted AML AI Google Cloud and reported a 60% reduction in user verification costs.
HSBC stated that they have experienced significant improvements in their ability to accurately detect financial crime and have eliminated wasted time on false leads by utilising the Google Cloud AI product for customer monitoring. Additionally, they mentioned that they can now process billions of transactions across millions of accounts within a matter of days instead of weeks.
