US, UK Collaborate on Prize Challenges for Privacy-Enhancing Technologies

Sheppard Mullin Richter & Hampton LLP
Contact

Sheppard Mullin Richter & Hampton LLP

On June 13, US and UK governments announced that they are developing prize challenges focused on advancing the maturity of privacy-enhancing technologies (PETs) to combat financial crime. The announcements highlight that up to $2 trillion of cross-border money laundering takes place each year. The White House explained that PETs could address financial crime through maturing technologies, which allows machine learning models to be trained on high quality datasets, without the data leaving safe environments. PETs also facilitate privacy-preserving financial information sharing and collaborative analytics; allowing suspicious types of behavior to be identified without compromising the privacy of individuals, or requiring the transfer of data between institutions or across borders.

The prize challenges will allow innovators to develop state-of-the-art privacy-preserving solutions to help combat barriers to the wider use of these technologies without the uncertainty of potential regulatory implications. Innovators will be able to engage with regulators, including the U.K.’s Financial Conduct Authority and Information Commissioner’s Office, and the U.S. Financial Crimes Enforcement Network (FinCEN). Challenge solutions will be showcased in the second Summit for Democracy, to be convened by President Joe Biden, in early 2023.

Putting it Into Practice: PETs present an important opportunity to harness the power of data in a manner that protects privacy and intellectual property, enabling cross-border and cross-sector collaboration to solve shared challenges.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sheppard Mullin Richter & Hampton LLP | Attorney Advertising

Written by:

Sheppard Mullin Richter & Hampton LLP
Contact
more
less

Sheppard Mullin Richter & Hampton LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.