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The programme covers both opportunities offered by the effective use of new technology, including artificial intelligence and advanced data analytics, and threats emanating from the exploitation of technological advances.
The current (third) year of Financial Crime 2.0 started in April 2021, and examines the role of artificial intelligence and machine learning (AI/ML) in financial crime.
The Financial Crime 2.0 research is currently sponsored by Lexis Nexis Risk Solutions.
The programme was sponsored by EY, Refinitiv and Lloyds Banking Group in its first year, and EY and Refinitiv in its second year.
In the first two years, the project looked at:
- The role of advanced data analytics in the work of supervisory and law enforcement authorities;
- The contribution of technology to achieving effective prevention of financial crime as opposed to merely financial crime compliance;
- Money-laundering techniques and typologies associated with the proceeds of cybercrime; and
- Financial crime risks and vulnerabilities in online business sectors, including cryptocurrency, online gambling, online video games and e-commerce.
Ongoing Financial Crime 2.0 research includes the following two workstreams:
Artificial Intelligence and Financial Crime: Exploring the Art of the Possible.
There is a widespread perception that AI/ML technologies offer more effective and efficient ways of detecting money-laundering and terrorist-financing activity. This research will aim to deliver a comprehensive, evidence-based study of the extent to which this is currently the case or is likely to be the case in the near future.
Artificial Intelligence and Financial Crime: A Future Threat?
Since criminals have historically been agile in exploiting new technologies, concerns have been voiced about possible criminal use of AI/ML, for instance by using deep fakes to defeat anti-financial crime controls. This workstream will provide a balanced overview of risks and possible mitigation measures.
- Sharpening the Money-Laundering Risk Picture: How Data Analytics Can Support Financial Intelligence, Supervision and Enforcement (RUSI Occasional Paper)
- Webcast accompanying the paper
- From Money Mules to Chain-Hopping: Targeting the Finances of Cybercrime (RUSI Occasional Paper)
- When Bankers Need to be More Creative than Hackers: Cybercrime and Money Laundering(RUSI Newsbrief)
- Whack-a-Mule: Have the Police Mastered the Game? (RUSI Commentary)
- Deep Impact? Refocusing the Anti-Money Laundering Model on Evidence and Outcomes (RUSI Occasional Paper)
- Understanding Financial Crime Risks in E-Commerce (RUSI Occasional Paper, January 2020)
- Play Your Cards Right: Preventing Criminal Abuse of Online Gambling (RUSI Occasional Paper)
- Gaming the System: Money Laundering Through Online Games (RUSI Newsbrief
- From Intention to Action: Next Steps in Preventing Criminal Abuse of Cryptocurrency (RUSI Occasional Paper)
- The Heat is on Cyber-Criminals. But Are Governments Doing Enough to Tackle Rogue Cryptocurrency Exchanges? (RUSI Commentary)
- The Illusion of Simplicity: Which Virtual Currencies Businesses are Subject to Money Laundering Rules? (RUSI Commentary)