EU regulation around AML is still fragmented. Enveil’s founder and CEO, Ellison Anne Williams, tells FinTech Futures that cohesive regulation will “only open the door wider to specific technology solutions”.
Excerpt from the article:
Jurisdictional requirements mean banks can’t freely transfer data between borders to make inquiries in other jurisdictions. This makes it easier for money launderers to go uncaught, particularly those with extensive networks across the globe.
To reduce the inevitable risk that this causes, Enveil claims to use homomorphic encryption. It performs calculations on encrypted data without decrypting it. It then decrypts once these changes are in place, in the correct jurisdiction. By encrypting a search, it means the data is never exposed in other jurisdictions. In other words, the technology secures data in use.
“It completely changes the paradigm and where firms can use data,” says [Ellison Anne] Williams.
“You’re buying the risk down, which in turn results in greater operational efficiency. AML is often very manual and labour-intensive. To be able to reach out automatically and securely – this is something banks have never had before.”
Read the full piece at FinTech Futures.
