Project Aurora Phase 2: Open call - case studies of the use of privacy enhancing technology in multi-party collaborative analytics to tackle money laundering, fraud and other financial crime

In 2023, the BIS Innovation Hub (BISIH) Nordic Centre concluded Phase 1 of Project Aurora, issuing a report that explored new ways of combating money laundering taking a data-driven approach, by applying artificial intelligence, machine learning privacy enhancing technologies (PETs) and network analysis. The project and the proof of concept were a major study of the opportunities and challenges for 'collaborative analytics and learning' (CAL) to enhance the effectiveness of anti-money laundering and fraud prevention data techniques. Aurora Phase 1 concluded that PETs held great promise to leverage the advantages of CAL approaches to identifying relevant threats while minimising data protection risks.

As part of Aurora Phase 2, the BISIH Nordic Centre intends to continue this research theme and achieve the following:

• explore specific use-cases and real-world deployment of PETs in terms of tackling money laundering, fraud and other financial crime;
• examine how PETs and advanced analytics contribute to increased effectiveness of information-sharing for those purposes;
• identify the implications of PETs in terms of both additional privacy protections and intrusions; and
• provide greater clarity regarding enabling factors for adoption of the use-cases and the technology.