Financial Crime Prevention (Anti-Money Laundering)
In the context of Anti-Money Laundering (AML) transaction monitoring processes, banks can collaborate and jointly compute advanced risk assessment algorithms that consume information available in the different banks about their customers without actually having to share that information by using our patented multi-party computation (MPC) cryptographic protocol.
Sedicii has developed a solution that allows financial institutions to securely share the knowledge they have about clients or transactions, without disclosing the underlying data or information (PII). This enables financial institutions to identify potentially suspicious transactions and clients more clearly and more accurately by combining the risk information they have – which will enable more effective detection of criminal activity.
Advantages
Preserves privacy and adheres to the data minimisation principle
Eliminates the risk of leaking customer information to other banks
Provides auditing capabilities for regulators
Can operate with two or more banks, as well as within a global bank that expands across several jurisdictions
Complies with regulations, including GDPR and AML
Reduce Costs and Fines for FIs