On 10 July 2019, the FCA announced that from 29 July to 2 August 2019, it will be holding a follow-up to its 2018 AML & Financial Crime TechSprint. At this follow-up event international colleagues and participants from the US, Europe, Africa, Asia and the Pacific will come together at the FCA’s offices to develop solutions to the following use cases:
- How can a network of market participants use privacy enhancing technologies and data analytics to interrogate financial transactions stored in databases within institutions to identify credible suspicions without compromising data privacy legislation?
- How can market participants efficiently and effectively codify topologies of crime which can be shared and readily implemented by others in their crime controls?
- How can a market participant check that the company or individual they are performing due diligence on has not raised flags or concerns within another market participant, and/or verify that the data elements they have for the company or individual match those held by another market participant?
- How can technology be used to assist in identifying an ultimate beneficiary owner across a network of market participants and a national register?