Contributed by Jarret Tham, Head of Compliance
The above-mentioned article (Google Launches Anti-Money Laundering AI Tool for Banks) is published by Inquirer.et, an official news website of Inquirer Group of Companies (IGC). The webpage aims to bring the latest breaking news on politics, entertainment, technology and much more. It informs users of a new anti-money laundering (AML) AI tool for banks that was developed and launched by Google, and discusses how AI helps improve banking.
The new AML program by Google differentiates itself from other AI-powered banking solutions because of its manually defined rules. This would reduce reliance on human parameters that often becomes too complicated resulting in false alerts, wasted resources and program inefficiency. Google’s solution to this problem is to reduce the human input and streamline the process in determining alerts requiring investigation. This is done through a heavy focus on AI modelling.
It has been reported that existing users of the AI-assisted AML program experienced up to 60% drop in false positives, showing how powerful a tool AI truly is. However, the Article also cautions on accountability issues that may arise when AI models fail.
The Article truly hits home with CYS Global Remit as we have also recently debuted our own machine learning, Transaction Monitoring Compliance (TMC) System which we have developed in conjunction with CYLYNX, a fraud detection solutions company using network analytics. CYS Global Remit TMC System is aimed at enhancing our transaction monitoring and detecting capabilities so that we would be able to identify red flags quicker and allow CYS to meet out the required actions and deter any potential malicious actors from exploiting the system to further their criminal agendas. Sources: Technology.Inquirer