Source: Fintech Futures
By Shruti Khairnar
Google Cloud has announced the launch of a new tool called Anti-Money Laundering AI (AML AI), an artificial intelligence-led product enabling financial institutions to better detect money laundering.
Claiming to help increase risk detection and lower operational cost, Google Cloud’s AML AI offering provides a machine learning-generated customer risk score as an alternative to rules-based transaction alerting.
The risk score is based on bank data including transaction patterns, network behaviour, and know your customer (KYC) data to identify high-risk retail and commercial customers. Google Cloud says the product can adapt to changes in the underlying data to deliver more accurate results, which increases overall effectiveness and improves operational efficiency…
Read full article: https://www.fintechfutures.com/2023/06/google-cloud-launches-ai-powered-aml-offering-for-financial-institutions/
