Google Cloud Launches AI-Powered Anti Money Laundering Product For Financial Institutions
Google News, Wednesday, June 21, 2023
HSBC found AML AI identified 2-4x more suspicious activity, while reducing alert volumes by more than 60%
Google Cloud announced the launch of Anti Money Laundering AI (AML AI), an artificial intelligence (AI)-powered product designed to help global financial institutions more effectively and efficiently detect money laundering.
Money laundering is a complex problem with a growing global impact. The amount of money laundered each year is estimated to be 2-5% of global GDP, or up to $2 trillion annually.1 Money laundering proceeds are connected to illegal activities, ranging from drug and human trafficking to terrorist financing. Today, anti-money laundering programs consume significant resources for financial institutions, many of which operate across a variety of global and regional regulatory bodies. In fact, large financial institutions report monitoring four billion2 transactions or more a year for increasingly sophisticated illicit behavior.