Transatlantic Pact to Put up Cash Prizes for the best PET Solution to Money Laundering
By Pat Easton Thomas
I’ve always felt that AML anti-money laundering has fantastic potential as a Privacy Enhancing Technology use case. But it never seemed to me quite easy to get all the right players in Finserv to jump through all the right hoops to make it work. However, with the US and UK governments now jointly leading the charge, AML PET solutions could go from blue sky to the real world by next year.
“‘The U.K.’s National Data Strategy outlines the promise of PETs in enabling trustworthy data access. PETs have the potential to facilitate new forms of data collaboration to tackle the harms of money laundering, while protecting citizens’ privacy,’ said Julia Lopez, U.K. minister for media, data and digital infrastructure at the Department for Digital, Culture, Media and Sport.
For this reason, the U.S. and the U.K. are organizing prize challenges, where participants will develop ‘state-of-the-art privacy-preserving federating learning solutions’ that will help to tackle this problem while respecting privacy regulations.”
This according to a 16 June 2022 article on PAYMTS.COM, you can read the whole article here.