FCC Analytics Partners with Hong Kong Airstar Bank, livi bank to Enhance Anti-Money Laundering Efforts through Federated Learning
- Written by FCC Analytics
Front Row: left to right Mr. Henry Yu, Chief Compliance Officer, Airstar Bank Limited Mr. Wallace Chow, Founder & CEO, FCC Analytics Limited Ms. Ada Yuen, Chief Risk Officer, livi Bank Limited ; Back Row: left to right Ms. Sunny Xu, Head of Financial Crime Compliance, Airstar Bank Limited Mr. Luke Ng, Chief Technology Officer, FCC Analytics Limited Ms. Karen Kwok, Head of Financial Crime Compliance, livi Bank Limited
The adoption of federated learning enables these banks to share insights on potential money laundering activities without compromising sensitive customer information. By utilizing decentralized machine learning algorithms, this technology represents a significant breakthrough in the fight against financial crime. This initiative supports the HKMA's regulatory framework, enhancing the banks' ability to meet compliance requirements. It strengthens the monitoring process, allowing banks to reduce operational costs associated with traditional anti-money laundering methods. The partnership fosters a collaborative approach to combat financial crime, setting a precedent for future cooperation within the banking sector.Wallace Chow, Founder and CEO of FCC Analytics, expressed his gratitude, stating, "We extend our heartfelt thanks to Airstar Bank and livi bank for their commitment to this initiative. Our vision is to support banks in combating financial crime by driving a peer-to-peer federated learning network across the Asia Pacific for various collaborative purposes."
Henry Yu, Chief Compliance Officer of Airstar Bank, emphasized, "This partnership marks a significant step forward in our commitment to combating financial crime. By leveraging federated learning, we can enhance our AML capabilities while maintaining the highest standards of data privacy."
Integrating this technology will improve the detection of suspicious patterns by facilitating collaboration among banks without the need to share raw data. Sensitive customer information remains secure, as the technology ensures that data does not leave the local servers of the banks. Karen Kwok, Head of Financial Crime Compliance at livi bank, remarked, "The ability to share insights without compromising customer data is revolutionary. This initiative not only strengthens our compliance efforts but also reinforces our dedication to protecting our customers and the integrity of the financial system."
Hashtag: #FCCAnalytics #AirstarBank #livibank
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References
- ^ Media OutReach Newswire (www.media-outreach.com)
Authors: FCC Analytics
Read more https://www.media-outreach.com/news/hong-kong-sar/2024/10/28/336877/
