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Sharing customer intelligence to fight financial crime while ensuring privacy 

Banks, regulators, and law enforcement agencies have persisted in fighting financial crime even as criminal networks spread their tentacles across continents. Lack of access to information on criminal activities outside national boundaries has hindered efforts to combat banking fraud and compromised anti-money laundering and financial crime compliance actions taken by banks. While the need for joint action in fighting financial crime is evident, financial crime intelligence sharing has hit a roadblock given restrictions imposed by data privacy regulations. And as usual, technology has come to the rescue – privacy enhancing technologies (PET) offer a way to share data while protecting privacy. While PETs will likely be the next big disruption in the financial crime compliance space, banks must focus on some crucial aspects prior to adoption:

  • Identification of right use cases for better returns
  • Governance to ensure data quality
  • Analysis of resources required for implementation at scale
     

Link to article: https://amlintelligence.com/2021/01/insight-the-pet-revolution-preserving-data-privacy-to-change-the-game-in-fincrime-intelligence-sharing/

 

Sujata Dasgupta

Global Head, Financial Crime Compliance, Banking, Financial Services, and Insurance, TCS

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