International developments in public/private financial information- - - PowerPoint PPT Presentation
KEYNOTE ADDRESS: International developments in public/private financial information- sharing partnerships Southern Africa Anti-Money Laundering & Financial Crime Conference 23 & 24 October 2019 at the Indaba Hotel, Johannesburg Nick
KEYNOTE ADDRESS:
Southern Africa Anti-Money Laundering & Financial Crime Conference 23 & 24 October 2019 at the Indaba Hotel, Johannesburg
www.future-fis.com
Understanding the role of public-private financial information-sharing partnerships to detect, prevent and disrupt crime.
1)
role of public-private financial information-sharing partnerships in detecting, preventing and disrupting crime. (publicly available, policy- focused) 2) ‘Start-up’ support. Supporting workshops and public/private dialogue in jurisdictions considering establishing public/private partnership approaches to sharing information for financial crime/AML 3) Knowledge exchange. Supporting knowledge-exchange between advanced public/private financial information-sharing partnerships about key challenges and opportunities facing the PPP models.
In the previous 18 months, FFIS has convened public/private dialogue and research events on the topic of financial information sharing partnerships in
jurisdictions
Fraud and Money Laundering Intelligence Taskforce (FMLIT)
Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP)
Joint Money Laundering Intelligence Taskforce (JMLIT)
Financial Intelligence Public/Private Partnership (EFIPPP)
Impacts reported/recorded:
threats prioritised by the partnership.
investigations or live incidents.
prosecutions, asset recovery or other disruption of criminal networks.
agencies and regulated entities.
financial issues or services and their vulnerabilities to abuse.
Challenges and opportunities faced by public/private information sharing partnerships.
Unlocking mainstream compliance resources Realising policy objectives and providing certainty Expanding the volume of information flow and analysis Enabling membership growth Protecting the wider community from harm Informing the resilience of the wider community Empowering strategic decision making Ensuring the sustainability of partnership approaches
Supervision Legislation Technology Information security Risk-displacement Knowledge management Performance data Public consent and accountability
1. What are the barriers and opportunities for public/private financial information-sharing partnerships to grow? 2. Should more sectors outside of banking be involved in public/private partnership efforts to disrupt crime and, if so, how? 3. Should public/private financial information-sharing partnerships be recognised and incentivised by supervisors? 4. What privacy implications arise from the work of the information- sharing partnerships? 5. How can the use of technology increase the effectiveness of partnership operations?
In the next 12 months, FFIS will convene public/private dialogue and research events
financial information sharing partnerships in:
…and host
conferences
1. Privacy-preserving analysis may allow for access to federated data across financial institutions, without any participant divulging their underlying data. 2. Results from computations, indicators and analytics could be analysed, without the underlying data being disclosed or shared. 3. The same technology can ensure that the data owner does not have visibility over the search query, with the query and the results remaining encrypted and only visible to the requester. These capabilities have the potential to support information-sharing to enhance (for example):
1. Describing the technical eco-system. 2. Exploring AML and financial crime prevention use-cases. 3. Identifying privacy implications. 4. Understanding adoption challenges. 5. Setting out recommendations for policymakers and private sector leaders. Target countries: In the research stages, this study would engage with the following jurisdictions: the UK, the U.S., Canada, The Netherlands and Australia.
Understanding the role of public-private financial information-sharing partnerships to detect, prevent and disrupt crime.