Google’s New AI Tool: Anti-Money-Laundering for Banks | WSJ Tech News Briefing

Google Cloud has a new artificial-intelligence tool that tackles money laundering for banks. But how does this product differ from those already on the market?
WSJ reporter Dylan Tokar joins host Julie Chang to discuss.
0:00 Anti-money-laundering
1:54 Google’s plan
3:22 How is Google Cloud different?
4:34 Response to Google’s tool
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[@SorminaESar]

Hi Julie Chang, nice to hear your voice, good morning🙏

[@voltaireon]

The regulators also require those rules to be audited and AI needs to be audited…… I hope Google realizes this.

[@Guy-gk8nw]

I'm sure they thought of it lol, there's an army of personnel at Google.

[@extremelynice]

How exactly are you proposing to regulate it?

[@mattmatt2417]

With automation/AI/machines/robots,this is the more likely out come;I have a comprehensive guide/plan to all of this,but it cant be uploaded as a comment,because its to long,so this is the compressed/shorter version. This is humanities next evolutionary step,anything other than a moneyless,autonomous world/society,would be a sign of us devolving/going backwards; The development of advanced AI systems and automation raises important considerations and challenges. While the evolution of AI and automation is predictable, the implementation of a moneyless society and the division of individuals/fairness/implication management, will have some difficult hurdles to over come,but Its possible that certain individuals, such as presidents, governors, regulators and consultants/experts in many different fields, could be considered more valuable and receive more items vs other people. However, it is crucial to carefully determine the criteria for evaluating the value of individuals and prevent the concentration of power or the creation of unjust hierarchies. Unintended consequences should also be carefully evaluated and mitigated, as changes to complex systems can have far-reaching effects. Just as ecological changes can disrupt natural balances, just as killing off one species, could cause another species to become over populated and kill off another species, because the species we killed off, ate that species and without the species we killed,that species could kill off another species,because that species was over populating. Just like that type scenario, major shifts in economic systems and social structures can also have complex and interconnected impacts. Therefore, any transition or transformation should be approached with comprehensive analysis, consideration of feedback from experts, and ongoing evaluation to minimize negative consequences. To address these challenges, a broad outline for a plan is listed below, but it requires revision and optimization,CONSTANTLY/variables are CONSTANTLY being added to the equation,that could cause A LOT of problems,if the plan is not evaluated and optimized,CONSTANTLY. The plan includes defining the vision and goals of a moneyless society, developing AI regulation and laws, ensuring AI and automation responsiveness, designing resource allocation mechanisms, addressing social value, establishing enforcement mechanisms, planning for ecological sustainability, and continuously evaluating and adapting the system. In terms of job roles that may be in demand, some positions would focus on evaluating and optimizing economies, providing consultancy services, managing risks, promoting sustainability, fostering innovation, facilitating entrepreneurship, and assessing social impact. These roles would contribute to economic stability and ensure equitable distribution of benefits from AI/automation/machines/robots. Additionally, roles related to new/optimized technology development and scientific discoveries would remain valuable, and they will continually introduce new variables into the system as well. It is important to remember that while AI systems excel in certain areas, human oversight is essential for empathy, subjective judgment, and ethical decision-making. Comprehensive regulations and governance are necessary to guide AI development and deployment while considering ethics, privacy, transparency, bias, and accountability. Engaging experts and involving the wider community in the decision-making processes is crucial for developing effective regulations and aligning outcomes with societal values. In conclusion, while AI can automate basically all tasks, human judgment and ethical considerations are necessary to evaluate broader implications and make decisions in the best interest of society. Responsible AI integration requires ongoing evaluation, monitoring, interdisciplinary collaboration, and community involvement. Hearing others' perspectives and thoughts on these matters is valuable for fostering a comprehensive and inclusive approach to this new world/society.

[@WeylandLabs]

Its not on Google its on the banks, Google just provides them with the tool. As far as auditing the tool for bugs or bias programming then that would need to develop fast. Becuase you can have the same tool but just programmed in different regions for levels of auditing. Thats on the banks and there dicression same idea as LTV level that banks have you under that you don't know about.

[@extremelynice]

@@mattmatt2417 First make sure that it works, that is that the thing actually does what the seller (in this case Google) says it does, then regulate it. Meanwhile what they do doesn't work. Which means that Google simply decieves the banks and there are no consequences for Google for doing so. If a company decieves its clients and the public, it must be punished.

[@graymars1097]

"you've been flagged by the system. Come with us & get ready to pay half of your annual salary to prove your innocence...oh and by the way, every publication is gonna publish your name and now your life is reduced to 3 jobs" It WILL happen to some people and you just hope to God it isn't you

[@SorminaESar]

I ask you, Julie where Zoe Thomas is, hopefully, she's well and growing up well too. Did she retire? Cause Julie, you don't tell for billing of Zoe Thomas. Please send my kind regards to her, Zoe Thomas, thank you Julie🙏

[@alexander15551]

As if google doesn’t have enough of our data. Now the get our financial data too??

[@MrGoalie2012]

they already have it, what do you mean lmao you have no privacy in today's world. ALL of your data is out there somewhere

[@user-uc9fx4ru7p]

They probably already do.

[@weird-guy]

They gave cookies to your bank website,a lot of people save their input numbers on auto fill 😂, don’t get me started on people with people with 123456 as a password 😂

[@prhasn]

exactly, insane.

[@Proton_Decay]

So I'm just going to make my customer onboarding process entirely dependent on a company notorious for killing products they don't like to support? I hope banks demand "minimum X years of notice before discontinuation, and N months notice before cessation of new product enhancements" in their contracts.

[@ZensGamma]

Great content & interesting information

[@extremelynice]

In other news: Perpetuum mobile now will power our power plants and cars. - Great content & interesting information

[@stevefink6000]

The politicians will never allow this feature.

[@apremgeorge]

What ML algorithms behind it? Is that end one just neural networks classification?

[@louididdy]

Dylan speaks in High Rising Tone, so some things that should be regular statements, sound like questions and it's distracting and annoying.

[@stevefink6000]

thats the sign of someone new in their field.

[@louididdy]

@@stevefink6000 They should make a video about it. A lot of New Yorkers are taking with it nowadays, you even hear it now with people speaking other languages, it’s spreading like a virus.

[@shorgoth]

I've worked in a financial institution as a cashier, looking at all of this can be sometimes downright byzantine with poor UI and information spread on tens of pages you don't always have access to. If it works well this would mae the profession way easier.

[@CHMichael]

AI - hiding money V. AI - surveillance ... the first time ai are pitched against each other.

[@abdurrahmanrafi7946]

Badly needed

[@operator8194]

A+

[@franco8flyline]

All correct info, except for the phrase "screening". Screening in FinCrime more often refers to sanctions screening or name screening. It s a single point check - what the Google tool is doing is Monitoring transactions over a period of time

[@extremelynice]

*Somebody burns your house down. - I've just burned your house down. - That's a correct information!

[@User-kz9tw]

Cash is the best

[@bababillenial7861]

AI is gonna takeover! Even the anchor Julie spoke like AI narrator!

[@Ch0ckl8]

Filling in for Zoe who also has suspiciously regular AI tone.

[@thisisme3238]

It's already happening...

[@SorminaESar]

I had had seen Zoe Thomas when she had interviewed her guest host of WSJ. Her outfit was black, it seems WSJ's uniform but I've never seen Julie Chang until now but Zoe have introduced her before

[@United_Wings]

Wow

[@auro1986]

yes artificial intelligence as an accountant is also good for money laundering

[@miken7629]

Think of the possibilities of AI processing. Imagine a satellite constantly video imaging a city like Houston Texas with resolution down to the inch, just saving video data. Then suppose a crime occurs on a street corner at 2 AM. The video imaging data for that time can be processed by AI, look at time preceding the crime, time following the crime, provide a detailed top down imaging of the actual crime, what happened before, what happened afterward, who did what, when, what transportation was used. Imagery can replay datalogs and follow vehicles before the crime and wherever they went after the crime. Video capturing entire city, all the time, then use AI to focus on events when needed. Any crime out in the open is automatically documented. The technology is already here. We would be able to replay ANY incident in the city at any later date. What a powerful law enforcement tool.

[@emiliaemiko1869]

❤❤

[@andyb2339]

Sounds like Dylan is an AI generated voice reading a Google press release.

[@Ash97345]

All of them are

[@anderbeau]

It’s still way better than Zoe 😂

[@jayanthony911]

😢😢😢

[@sofabiru6852]

🏭 🙄 "🍏 apple ...."🍎😁

[@weird-guy]

Like I don’t bribe my bank manager 😮

[@HaiLeQuang]

What's the point of making video if you don't even show anything other than 2 robots talking?

[@futuristudios]

😈

[@platoscavealum902]

🤖

[@prhasn]

So more surveillance in the name of safety. Well please enjoy the dust of the crypto convoy.

[@frepn]

this video format is not really appealing for viewers...

[@FightforTTIG]

Don't give in to the mark of the beast!! Prepare yourselves!

[@steadymobbin.]

Tesla

[@Kevin-fq3zh]

Zoe is the real deal! Julie is AI generated… no offence, just kidding 😄

[@jaydibernardo4320]

Julie Chang giving us viewers a lesson on how to properly enunciate words. This is what years of schooling does and, I'm guessing, strict parenting! Just kidding 😂.

[@TomNook.]

Are you really though. Or perhaps she didn't want to sound ghetto.

[@KIRRAH1]

How annoying is this guy tell how they look at it exaxtly

[@ryana2952]

Rules for thee but not for me