The global scale of Money Laundering is estimated at over a trillion dollars per year. Modern criminals move money with incredible skill and speed, taking advantage of the enormous technical and regulatory barriers that prevent the industry from coming together to face the challenge.

It DOES take a network to defeat a network, but building this network is easier said than done. Fixated for decades on personal data, such as KYC and CDD, financial institutions find themselves unable to cooperate without breaking data protection and confidentiality rules. While criminals are increasingly operating as networks, financial institutions continue facing them in silos.

By switching the attention away from personal information and towards the pure flow-of-funds, The FutureFlow Cross-Bank Financial Crime Analytics Platform enables multiple banks to work together to detect and disrupt cross-bank financial crime networks, without jeopardizing customer privacy and data protection obligations.

Industry Traction

The FutureFlow Cross-Bank Financial Crime Analytics Platform has been deployed in benchmark industry-wide projects, both on real-life data and purpose-built synthetic data.

UK Tri-Bank Initiative

FutureFlow acted as Technology Provider for this first-of-its-kind attempt to pool real-life transactional data across multiple banks for joint AML analysis. Spearheaded by a global consultancy, the UK Tri-Bank Initiative involved three large High Street UK banks and was observed by the FCA. The Tri-Bank Initiative served as an early industry proof-of-value for cross-bank transactional data analysis that preserves customer privacy and improves individual intelligence of each participating bank.

More information: RUSI / FFIS PET Project Report

FCA AML TechSprint

FutureFlow worked alongside the FCA in the joint FCA - US Treasury AML TechSprint, taking place in London and Washington, DC in Sumer-2019. As part of the TechSprint, FutureFlow was deployed on synthetic data, purpose-built by the leading Financial Crime analysts and data scientists from the UK financial ecosystem. The platform demonstrated extraordinary accuracy and precision in uncovering distributed financial crime networks without generating any false-positives.

More information: 2019 Global AML TechSprint

GDPR

In 2019 and 2020, FutureFlow worked with the UK Information Commissioner's Office as part of the inaugural ICO GDPR Sandbox. Under the ICO's direction, and informed by the takeaways from the UK Tri-Bank Initiative, we have designed a Two-Tier Data Sharing Architecture that enables our Cross-Bank AML Platform to work at country-scale, including in jurisdictions that are subject to the GDPR.

The takeaways from our work in the ICO Sandbox are available in the FutureFlow ICO Sandbox Exit Report.

Image credit: Information Commissioner's Office (ico.org.uk)