One of the key themes that emerged from our 2018 AML & Financial Crime TechSprint was the importance of data and knowledge sharing among relevant bodies in identifying and impeding complex criminal networks. Too often these vital resources remain siloed within institutions, resulting in a global problem being tackled at an individual firm level.
We believe that technologies which allow for the sharing of data and knowledge, while remaining compliant with data protection laws (sometimes known as Privacy Enhancing Technologies), provide the potential to overcome some of the difficulties and barriers that currently prevent the sharing of useful information among financial institutions, regulators and law enforcement.
From 29 July to 2 August 2019, we will be holding a follow-up TechSprint to explore the potential for these nascent technologies to positively impact the prevention and detection of financial crime. Participants will work together to develop solutions to the below user cases:
- How can a network of market participants use privacy enhancing technologies (PETs) and data analytics to interrogate financial transactions stored in databases within institutions to identify credible suspicions without compromising data privacy legislation?
- How can market participants efficiently and effectively codify topologies of crime which can be shared and readily implemented by others in their crime controls?
- How can a market participant check that the company or individual they are performing due diligence on hasn't raised flags or concerns within another market participant, and/or verify that the data elements they have for the company or individual match those held by another market participant?
- How can technology be used to assist in identifying an ultimate beneficiary owner (UBO) across a network of market participants and a national register?
The TechSprint will be a truly global effort, with international colleagues from the US, Europe, Africa, Asia and the Pacific working together at the FCA offices in London, with a satellite office in Washington. Our aim is to develop solutions at the TechSprint that will go on to be tested in the real world through the Sandbox and GFIN network.
The participating organisations are listed below.
Bureau Van Dijk
Commonwealth Bank Australia
Cyber Defence Alliance
Financial Conduct Authority
Imperial College London
Information Commissioner’s Office
National Crime Agency