Financial institutions have long relied on human judgment to calibrate systems that help spot potentially risky transactions and customers. Now, Google Cloud wants them to let its artificial intelligence technology take greater control of that process. Alphabet’s cloud business on Wednesday announced the launch of a new AI-driven anti-money-laundering product. Like many other tools already on the market, the company’s technology uses machine learning to help clients in the financial sector comply with regulations that require them to screen for and report potentially suspicious activity. Where Google Cloud aims to set itself apart is by doing away with the rules-based programming that is typically an integral part of setting up and maintaining an anti-money-laundering surveillance program—a design choice that goes against the prevailing approach to such tools and could be subject to skepticism from some quarters of the industry. The product, an application programming interface dubbed Anti Money Laundering AI, already has some notable users, including London-based HSBC, Brazil’s Banco Bradesco and Lunar, a Denmark-based digital bank.
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