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