Google Cloud has developed an AI-powered product to assist global financial institutions in more effectively and efficiently detecting money laundering.
Despite banks devoting significant resources to the issue, the UN estimates that between two and five percent of the world’s GDP, or up to USD 2 trillion annually, is lost to money laundering each year. According to Google, the majority of traditional AML monitoring products rely on manually created rules, which have a low success rate in spotting suspicious activity.
In actuality, 98% of system-generated alerts never result in a suspicious activity report (SAR), with more than 95% of them turning out to be “false positives” in the initial phase of review.
Read More: Google Cloud launches AI-powered AML tech