Charting a new course against financial crime: the BIS Innovation Center and the successful completion of Lucinity’s Aurora Project
REYKJAVIK, Iceland, June 1, 2023 /PRNewswire/ — Lucinity, the world’s leading artificial intelligence Software-as-a-Service (SaaS) company, is proud to contribute to the successful completion of the BIS Nordic Innovation Center’s Project Aurora, a groundbreaking initiative aimed at reimagining the fight against money laundering.
Global money laundering represents a major challenge around the world as it often evades detection, especially in cross-border transactions. The Aurora Project is a fundamental answer to this question, proposing an effective solution to an otherwise insidious problem. The project aims to demonstrate that, by taking advantage of the most advanced technologies and fostering international collaboration, it is possible to significantly improve the detection of illicit cross-border financial activities, while formulating proactive measures to prevent them. This novel approach can transform capabilities in the fight against money laundering and other financial crimes.
The project began by meticulously combining the team’s insights into transaction data patterns and known money laundering schemes to generate a comprehensive synthetic set of cross-border transaction data spanning multiple countries. The project then used cutting-edge privacy-enhancing technologies and artificial intelligence to detect cases of cross-border money laundering more effectively than traditional methods, while ensuring the highest security of personally identifiable information. These results underscore the need to explore these cutting-edge technologies and foster collaboration between financial institutions.
“Money laundering poses an intricate data challenge, as it is one of the most difficult activities to detect in the world of financial crime. Project Aurora demonstrates how technology can provide better tools to address these challenges. Without However, technology alone is not a silver bullet and requires new approaches for strong public-private collaboration backed by a legal and regulatory framework. It takes a network to defeat a network,” said Beju Shah, Director of the Center Nordic from the BIS Innovation Center.
The Aurora Project 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 Center and the Lucinity Data Science team has been instrumental in 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 strengthen security. detection of money laundering, thus establishing a new standard in the sector.
“Partnering with the BIS on Project Aurora has been a privilege and a defining moment in our mission to Make Money Good. We don’t just use technology, we set new standards in the fight against money laundering and crime Our partnership with the BIS Nordic Innovation Center demonstrates our unwavering commitment to driving innovation, fostering strong collaborative networks and pushing the boundaries of what is possible in our industry,” said Gudmundur Kristjansson, founder and CEO of Lucinity.
See the full report from the Aurora Project here.
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Contacts:Celina Pablocelina@lucinity.com 354 792 4321
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