The FFIS Privacy Enhancing Technology (PET) project
Overview of the PET Research project:
Imagine that an organisation stores a vast amount of data in a safe. The information is secure, but to produce any summary reports of the data or to query that data, the data must be removed from the safe for analysis. At this point of analysis, all of the raw sensitive data is exposed. Now imagine that pre-defined queries and macro analysis could take place on the data without the safe ever being opened. Further still, data in multiple safe environments, across multiple organisations (in multiple countries), could be analysed collectively, by consent of the data owners, without any raw sensitive data leaving their safe environments. Queries that yield no sensitive information can be executed on sensitive data, held within the safe environments, without any sensitive information being disclosed at any point.
This is the promise of privacy preserving analysis, using privacy enhancing technologies (PETs).
In late 2019, the FFIS programme launched a new multi-year international study into “The Role of Privacy Preserving Data Analytics in the Detection and Prevention of Financial Crime”.
This research project is expected to run up to late 2021 and aims to:
explore specific privacy enhancing technology use-cases relevant to financial information-sharing partnerships and their role in disrupting serious and organised crime and terrorist financing;
examine how privacy enhancing technology and privacy preserving analytics may contribute to increased effectiveness of information-sharing within national and international AML regimes;
identify the implications of such technologies in terms of additional privacy protections and intrusions; and
provide greater clarity regarding policy, legal, cultural, data protection and data governance adoption considerations relevant to this field.
*Version 1.2. RELEASED (Sept 2020) FFIS Innovation and discussion paper: "Case studies of the use of privacy preserving analysis to tackle financial crime"
The paper provides an overview of developments in the field of privacy preserving analytics and publishes nine case studies of how this technology is being used to tackle financial crime, updated to September 2020.
Collectively, the case studies demonstrate how financial institutions are exploring and exploiting advances in this field of cryptographic technology to enable analysis of data from across multiple participating organisations to inform financial crime risk awareness, without the need for those organisations to share underlying sensitive data.
The Research Technical Advisory Group (RTAG)
To support this research project, the FFIS programme is grateful for contributions from our 'Research Technical Advisory Group', which includes:
We are also grateful for the technical input and workshop contributions from the following public agencies:
The Australian Transaction Reports and Analysis Centre (AUSTRAC) The UK Financial Conduct Authority The UK Information Commissioner's Office The Netherlands Financial Intelligence Unit The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
An independent research programme, supported by Verafin, Oliver Wyman, Western Union, Refinitiv and The SWIFT Institute