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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-06-27T22:58:00
Google Cloud launched a new anti-money laundering product for financial institutions that utilizes artificial intelligence (AI) and machine learning (ML) to replace the manually defined rules most existing AML detection programs use to spot suspicious transactions.
The company announced the product in a June 21 press release, touting in initial tests by HSBC it detected two to four times more true positive risk of money laundering activity in the U.K. bank’s transactions while reducing alert volumes by 60 percent.
Google Cloud’s AML AI generates a customer risk score using ML. The risk score is “based on the bank’s data, including transactional patterns, network behavior, and know your customer (KYC) data, to identify instances and groups of high-risk retail and commercial customers,” according to the company’s release. “The product can adapt to changes in underlying data, delivering more accurate results, which increases overall program effectiveness and improves operational efficiency.”
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2024-02-07T18:00:00Z By Jeff Dale
Alphabet, the parent company of technology giant Google, agreed to pay $350 million in a preliminary settlement with shareholders over alleged data privacy violations and materially false and misleading statements linked to now-defunct social media site Google+.
2023-08-22T12:33:00Z By Aaron Nicodemus
ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank are each participating in a first-of-its-kind collaboration to shine light on the estimated €16 billion worth of illicit funds coursing through the Netherlands’ banking system every year.
2023-07-21T15:29:00Z By Kyle Brasseur
Technology companies including Google, Meta, and OpenAI agreed to a series of voluntary commitments they’ll make regarding their management of risks when developing artificial intelligence systems.
2024-06-21T18:28:00Z By Aaron Nicodemus
A new report on the use of artificial intelligence in financial services predicts that the technology will drive profits, disruptions, and change over the next decade.
2024-05-08T13:06:00Z By Aaron Nicodemus
Three experts join the Compliance Week podcast to discuss opportunities and risks posed by artificial intelligence, as well as governance frameworks your organization can implement to ensure AI tools are utilized safely and ethically.
2024-05-06T20:23:00Z By Adrianne Appel
Microsoft published a public report covering its artificial intelligence endeavors and steps it is taking to make the controversial technology safe.
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