WPEC 2024 Talk 2a6: Privacy-Preserving Data Sharing across Financial Institutions

Abstract. Data collaboration is critical for improving the quality of models, identifying trends, and fighting financial crime. However, both regulations and the proprietary nature of the data discourage institutions from sharing their data, thus severely limiting the global fight against money laundering. To address the first challenge, anti-financial crime legislation such as USA PATRIOT Act and EU 5th Anti-Money Laundering Directive have been put forward to allow financial institutions to collaborate on sensitive information related to suspicious activity. Nevertheless, participation of financial institutions is still scarce due to proprietorship and perceived risks to competition-sensitive information. Privacy-preserving technologies such as fully homomorphic encryption (FHE) are being considered to address these challenges. Secure collaboration capabilities based on FHE allow private search without the need of sharing data in the clear. But despite regulatory and technical advancements, developing solutions to fight financial crime remains challenging. In this presentation, we will describe real-world use cases of private collaboration for fighting financial crime. Concretely, we will discuss case studies, such as with the US Department of Treasury, UK Information Commissioner's Office and Mastercard's Cross Border Data Collaboration project using Duality Technologies' platform. In the process, we will identify insights and challenges that should be considered when designing solutions for FHE-based private search, private information retrieval or private set intersection for practical application in fighting financial crime.

Join work with: Yuriy Polyakov

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