Google Cloud recently launched "Anti Money Laundering AI," a new product that utilizes artificial intelligence to help financial services firms identify potentially risky transactions and customers.
The tool aims to replace the rules-based programs typically used for anti-money laundering (AML) surveillance. Instead, it leverages machine learning to help financial institutions to comply with regulations and to identify potentially suspicious activities. Such AI tools can work with a speed, scale, and rigor far in excess of that which human beings can achieve. The outputs of such machine learning tools can therefore better inform the exercise of human judgment.
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