{"id":3283,"date":"2023-06-23T05:36:07","date_gmt":"2023-06-23T03:36:07","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=3283"},"modified":"2023-06-23T05:36:07","modified_gmt":"2023-06-23T03:36:07","slug":"google-cloud-launches-ai-powered-anti-money-laundering-tool-for-banks","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=3283","title":{"rendered":"Google Cloud Launches AI-Powered Anti-Money Laundering Tool for Banks"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"auto\">Google Cloud (GOOG,\u00a0GOOGL) announced the launch of an artificial intelligence (AI)-powered anti-money laundering (AML) product on Wednesday. The tool is designed to aid global financial institutions to detect money laundering more effectively and efficiently.<\/p>\n<p>How Does Google&#8217;s New Tool Work? <\/p>\n<p>Google Cloud aims to set its tool apart by doing away with rules-based programming, which is typically used to set up and maintain AML surveillance programs. <br \/>The United Nations estimates about 2-5% of the global gross domestic product or roughly $2 trillion is laundered annually, and despite billions of dollars invested in the anti-money-laundering systems over the past few decades, over 95% of system-generated alerts are closed as \u201cfalse positives\u201d in the first phase of review.<\/p>\n<p>Google Cloud\u2019s tool provides a consolidated machine learning-generated risk score as an alternative. Transactional patterns, network behavior, and Know-Your-Customer data form the risk score to identify instances of high-risk retail and commercial customers.<\/p>\n<p>Using this approach, Google Cloud said that its AI tool cut the number of alerts HSBC received by more than 60%. HSBC\u2019s \u201ctrue positives\u201d went up by two to four times, suggesting higher accuracy. Among its other notable users are Brazil\u2019s Banco Bradesco and Denmark\u2019s digital bank Lunar.<\/p>\n<p>Google&#8217;s AI Push Gains Momentum <\/p>\n<p>Large technology companies such as Microsoft (MSFT) and Amazon (AMZN) are competing with each other to roll out new (AI) products and applications, Google had a shaky start with the launch of its Bard chatbot, but has since gone on to unveil multiple AI-driven applications, including for maps, searches and advertising campaigns. <\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Google Cloud (GOOG,\u00a0GOOGL) announced the launch of an artificial intelligence (AI)-powered anti-money laundering (AML) product on Wednesday. The tool is designed to aid global financial institutions to detect money laundering more effectively and efficiently. How Does Google&#8217;s New Tool Work? Google Cloud aims to set its tool apart by doing away with rules-based programming, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-3283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-issues"],"_links":{"self":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/3283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3283"}],"version-history":[{"count":0,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/3283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/media\/3284"}],"wp:attachment":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}