In this paper, the Royal United Services Institute (RUSI) ‘Future of Financial Intelligence Sharing’ (FFIS) research programme publishes the January 2021 update to the worldwide mapping exercise of the use of privacy preserving analysis to tackle financial crime.
Now tracking 10 multi-institutional projects, this mapping exercise demonstrates how financial institutions around the world are exploring and exploiting advances in ‘Privacy Enhancing Technologies’ (PETs). This field of cryptographic technology enables analysis of data from across multiple participating organisations to inform financial crime risk awareness, without the need for those organisations to share underlying sensitive data.
The growth of privacy preserving analytical capabilities should encourage decision-makers to provide clarity about what specific analysis they wish to permit and enable across the financial system – and what contributing information they wish to remain undisclosed within that process, and by whom. It is intended that this paper supports dialogue and feedback related to the implications of, and appropriate framework for, the growth of privacy preserving analytics in the field of anti-money laundering and financial intelligence.
This mapping exercise forms part of a broader research project into the role of privacy preserving analytics in the detection and prevention of financial crime, supported by Oliver Wyman, Refinitiv, Verafin, Western Union and the SWIFT Institute.