Skip to main content
Skip to footer

The PET Revolution: Data Privacy in Intelligence Sharing in the FinCrime Sector

Sujata Dasgupta

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

You have these already downloaded

We have sent you a copy of the report to your email again.

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/

 

About the author

Sujata Dasgupta
Sujata Dasgupta is a domain consultant and subject matter expert in AML and Regulatory Compliance in BFS, with over 16 years of experience in banking, IT services and consulting.

Related reading

Cloudification of the debt collection process

White Paper | 13 Nov 2022

ExperienceOps transformation in BFSI

White Paper | 13 Nov 2022

Digitalizing trade finance

Solution | 24 Oct 2022

New-age banking services

Blog | 24 Oct 2022

Transformation starts here

Ready to move from enterprise to ecosystem?

Talk to our experts

Find out more