BIS and Bank of England seek advisors for financial crime project

finextra.com:

Project Hertha will explore how network analytics could help identify financial crime patterns utilising a minimum set of data points.

The project will map current and emerging financial crime typologies in real-time payment systems, drawing upon lessons from instant payment systems and digital asset networks. It will also build a synthetic dataset to test how the typologies could be identified accurately while reducing false positives.

The project takes its name from the pioneering British scientist, prolific inventor, and suffragette Hertha Ayrton.

In 1904, she became the first woman to read a paper before the Royal Society. Two years later, her work on the electric arc and sand ripples won the Hughes Medal for outstanding contributions to physical sciences.

The Bank says it is looking to collaborate with a wide range of experts from the public and private sector who will be responsible for shaping the methodology used for the project and the development of the synthetic dataset.

"We anticipate that the advisory group will require around four full-time equivalent days of time commitment from the members between February and November 2024," states the BIS. "This will include monthly meetings to help steer the project development, reviewing emerging project outputs, and group workshops on financial crime typologies and data generation."

Porject Hertha is one six projects discclosed by the BIS Innovation Hub for its 2024 work programme.

Othe projects focus on experimentations on cyber security, central bank digital currencies (CBDCs) and green finance.