Combatting financial crime is essential to maintain trust in the financial system.
Last year, $3 trillion in money laundering and terrorist financing flowed through the global financial system; and banks faced $442 billion in projected losses from payments, cheque and credit card fraud.
New technologies can enable collaborative solutions to this global problem. They can help institutions identify illicit behaviour at a lower cost and while protecting user privacy.
The BIS Innovation Hub has explored some of these solutions through projects Mandala, Hertha and Aurora. Through these initiatives, we have started to develop components for a global financial integrity technology stack. We now want to invite further input and ideas from the global community.
We are looking for innovators to submit their proposals for collaborative technology solutions to combat financial crime and simplify compliance processes for financial institutions.
We are seeking applications from private and public sector firms as well as academic researchers.
The shortlisted solutions will be presented at the BIS Innovation Hub's Analytics Showcase in London on 27-28 March to an audience of senior leaders from central banks, public sector organisations and financial institutions.
Winning participants may have the opportunity to further develop their technology solutions with the BIS on an experimental basis.
About the challenge
Join us and compete to develop innovative solutions to combat financial crime and enhance the integrity of the evolving global financial system.
| If you would like to apply to attend (in person only), please register here by 14 March 2025: Analytics Showcase 2025. |
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The deadline for participation in the Challenge was 13 December 2024.
Participants will address one of two challenge categories:
1. Open challenge: Build and demonstrate any technology solutions that meet one of the following problem statements:
- Problem statement 1: How can AI be used to better identify illicit activity in the financial system?
- Problem statement 2: How can privacy technology be used to support public and private institutions to share data and intelligence; and collaborate while preserving user privacy?
- Problem statement 3: How can we collaboratively design innovative technological solutions to enable compliance checks for discretionary (and not just quantitative1) regulatory measures?
2. Prediction challenge: Build algorithms to identify illicit transactions in transaction data.
We expect proposed solutions to use technologies such as multi-party computation, zero-knowledge proofs, artificial intelligence, network analytics and digitised compliance.
Challenge participants will be able to use a synthetic payment data developed by the BIS Innovation Hub. The data will provide rich and realistic data on legitimate and illicit transactions across the financial sector.
1 Quantitative regulatory measures refer to a subset of measures that are easily quantifiable and configurable such as thresholds or limits that require approvals or reporting.
- 13 December 2024: Deadline to submit Expressions of Interest
- 7 January 2025: Selected and confirmed challenge participants receive data and start developing solutions
- 21 February 2025: Deadline to submit solutions for judging
- 14 March 2025: Shortlisted solutions announced
- 27-28 March 2025: Analytics Showcase in London