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The United States and the United Kingdom work together to promote innovation in the technologies used to combat money laundering

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Federated learning techniques could be a component in protecting the US financial system from illegal finance, said Hima Uri Das, acting director of the US Treasury’s Financial Crimes Execution Network. Photo: EPA / Shutterstock

Governments in the United States and the United Kingdom are working together to encourage the development of new machine learning technologies that can be used to combat money laundering.

The White House and the UK government said Monday that they are working together on a prize challenge program aimed at promoting innovation in the way software is trained to combat financial crime. The Prize Challenge Program provides monetary prizes to the general public who provide solutions to problems raised by government agencies.

Both countries require financial institutions to detect and report suspicious transactions by their customers. These rules create vast amounts of data that both government investigators and individual financial institutions have a hard time analyzing them.

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Governments are encouraging financial institutions to build information-sharing partnerships to improve reporting activities and make data more meaningful, but data privacy rules create challenges for doing so.

The United States and the United Kingdom have stated that they want to improve technology that allows data to train machine learning models with data from multiple sources without leaving a secure environment. This is a method called federated learning.

Improved federated learning technology could increase the sharing of financial information and facilitate the creation of more robust software for tackling money laundering and other crimes.

The new technology could be a component in protecting the US financial system from illegal finance, said Hima Uri Das, acting director of the US Treasury’s Financial Crimes Execution Network.

The United States and the United Kingdom have stated that the prize challenge program will be open to participants this summer and the winners will be announced in 2023. They didn’t explain how to run the program or details about the prizes.

FinCEN, the Financial Conduct Authority in the United Kingdom, and its Information Commissioner’s Office will make it available to innovators as part of the program.

Write to Richard Vanderford at [email protected]

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