Financial crime continues to evolve, and with it, the pressure on firms to detect and address these risks. Yet whilst criminals continue to innovate, harming financial markets and society, developing and testing innovative solutions to better detect money laundering can remain challenging. This is why this project has been initiated – to support the use of technology in improving the effectiveness of AML systems in financial services.
This project aims to enable greater industry collaboration and offer practical support to firms – as set out in the FCA’s strategy. It also sits within the FCA’s wider strategic Synthetic Data programme which includes the Synthetic Data Expert Group (SDEG).
The project commenced in autumn 2024. Read an update on how the project is developing, its practical challenges, and an overview of next steps.