Connect with us


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




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.

Newsletter registration

WSJ | Risk and Compliance Journal

The Morning Risk Report features insights and news on governance, risk and compliance.

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]

Copyright 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]