The BIS Innovation Hub’s Nordic Centre has completed Project Aurora, a proof of concept that aims to combat money laundering through the use of payments data, privacy-enhancing technologies, artificial intelligence (AI), and enhanced cooperation across institutions and borders. The project recognizes the limitations faced by financial institutions in detecting suspicious networks and transactions due to fragmented data and systems. The costs of anti-money laundering (AML) efforts have surged in recent years, reaching approximately $274 billion, while authorities only manage to recover 1% of the estimated amount of money laundered globally. Project Aurora leveraged synthetic data and advanced analytics to detect patterns associated with money laundering activities. The project demonstrated the effectiveness of advanced analytics and behavioral-based analysis in detecting money laundering networks. The project was delivered in partnership with Lucinity, an AI software-as-a-service company in the field of financial crime compliance.
HomeCBDCBIS ProjectsProject Aurora Successfully Completed by BIS: Innovative Collaboration Using Data and Technology...