The UK Financial Conduct Authority (FCA) has developed synthetic dataset in a project to foster innovation in money laundering detection.
Progress in combatting money laundering depends on access to detailed financial data, yet legal and privacy constraints often restrict sharing of such information. FCA aims to tackle these challenges by collaborating with the Alan Turing Institute – UK’s national institute for data science and artificial intelligence, Plenitude, and Napier AI to create a fully synthetic dataset created using real data from UK retail banking, enhanced with realistic synthetic money laundering scenarios observed in financial markets.
„We hope this project will show that synthetic data can help regulators and firms work together, supporting beneficial innovation in the detection of money laundering.” -FCA said in a Research Note.
The FCA will make this dataset available through the Digital Sandbox as part of the upcoming Synthetic Data AML Solution Sprint, inviting firms to take part to demonstrate how new technologies such as AI can help in the fight against money laundering. Participants will use the data throughout the sprint and reconvene to share insights on how synthetic data can support innovation in the fight against financial crime.
Further details for firms that wish to apply for the Data Sprint can be found here – applications close on 26 April 2026.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
