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Revolutionizing Anti-Money Laundering: Insights from Project Aurora

BIS | May 31, 2023

BIS Project Aurora - Revolutionizing Anti-Money Laundering: Insights from Project Aurora

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Discover how AI, data, and cross-border collaboration are shaking up the battle against financial crimes.

  • Proof of Concept Completion and Advancements:
    • The BIS Innovation Hub's Nordic Centre has successfully wrapped up Project Aurora, a proof of concept aimed at combating money laundering.
    • By leveraging a synthetic data set representing real-world domestic and international payments data, advanced privacy-enhancing technologies, AI, and enhanced cooperation across entities and borders, the project showcased the transformative potential of these technologies in anti-money laundering (AML) efforts. Enhanced tools for data analysis helped identify suspicious patterns, moving beyond the limitations of current systems that often operate in silos.
    • AML efforts have a significant financial burden on institutions, with costs rising by about $60 billion to roughly $274 billion between 2020 and 2022. Despite these efforts, a majority of laundered money remains undetected, indicating that existing methods are inadequate.
    • Project Aurora offers a more effective and potentially cost-efficient approach, focusing on behavioral-based analysis, a stark contrast to the prevailing rules-based approach.

Read:  Opinion: The Financial Surveillance System May Be Less a Tool for Crime Prevention than a Means of Bureaucratic Ass Covering

  • Implications and Future Steps:
    • Project Aurora has demonstrated that technology, coupled with robust public-private collaboration, can form a potent tool against money laundering. The project suggests that employing these advanced technologies and methods could revolutionize the fight against money laundering, enhancing detection rates, and reducing the financial burden on institutions.
    • However, these technologies alone cannot fully eradicate money laundering. To optimize their potential, they should be bolstered by a supportive legal and regulatory framework, as well as robust cooperation between all entities in the financial ecosystem. The realization of such a collaborative, tech-driven approach could mark a major breakthrough in curbing financial crimes.

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