Charting a New Course Against FinCrime: BIS Innovation Hub and Lucinity's Successful Conclusion of Project Aurora
REYKJAVIK, Iceland, May 31, 2023 /PRNewswire/ -- Lucinity , a world-leading AI Software-as-a-Service (SaaS) company, is proud to contribute to the successful conclusion of the BIS Innovation Hub Nordic Centre's Project Aurora , a groundbreaking initiative aimed at reimagining the battle against money laundering.
Global money laundering presents a significant challenge worldwide, often eluding detection, especially in cross-border transactions. Project Aurora is a pivotal response to this issue, proposing a powerful solution to an otherwise insidious problem. The project aims to demonstrate that by harnessing cutting-edge technologies and fostering international collaboration, it is possible to significantly enhance the detection of cross-border illicit financial activities while formulating proactive measures to prevent them. This novel approach can transform capabilities in the ongoing fight against money laundering and other financial crimes.
The project began by meticulously combining the team's understanding of transactional data patterns and known mney laundering schemes to generate a comprehensive synthetic cross-border transactional data set encapsulating multiple countries. Following this, the project employed state-of-the-art privacy-enhancing technologies and artificial intelligence to detect cross-border money laundering events more efficiently than traditional approaches while ensuring the utmost security for personally identifiable information. These results underscore the necessity of exploring such cutting-edge technologies and fostering collaboration among financial institutions.
"Money laundering presents an intricate data challenge, as it is one of the hardest activities to detect in the world of financial crime. Project Aurora demonstrates how technology can provide better tools to face these challenges. However, technology on its own is not a silver bullet and requires new approaches to strong public and private collaboration supported by a legal and regulatory framework. It takes a network to defeat a network," said Beju Shah, Head of the BIS Innovation Hub Nordic Centre.
Project Aurora has successfully identified typologies associated with cross-border money laundering activities, underscoring the superiority of AI models over traditional rule-based systems. The invaluable collaboration between the BIS Innovation Hub Nordic Centre and Lucinity's Data Science team has been pivotal to this achievement. The cornerstone of Project Aurora's success lies in the powerful synergy of privacy-enhancing technologies, graph-based machine learning models, extensive transaction monitoring systems, and effective collaboration, all of which can significantly bolster AML detection, thereby setting a new industry standard.
"Collaborating with the BIS on Project Aurora has been a privilege and a defining moment in our mission to Make Money Good. We are not just using technology but setting new standards in the fight against money laundering and financial crime. Our partnership with the BIS Innovation Hub Nordic Centre demonstrates our unwavering commitment to driving innovation, fostering robust collaborative networks, and pushing the boundaries of what is possible in our industry," said Gudmundur Kristjansson, Founder and CEO of Lucinity.
Read the full Project Aurora report here.
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