Netherlands and Singapore on Combating Financial Crimes in the Era of Emergent Technologies ("Roundtable")

New tools designed to detect crypto-enabled financial crime may require the exchange and synthesis of data by various regulated entities such as financial institutions. Collective transaction monitoring channels have helped improve the odds of detecting criminal money flows and networks by providing a platform for member banks to conduct joint surveillance of their payment transactions for signs of money laundering. Given the sensitive and highly confidential nature of this data, as well as the regulations circumscribing its transmission, data exchange between entities and industries — let alone at the transnational level — remains daunting. To mitigate these challenges, countries can utilize new privacy enhancing technologies such as Multi-Party Computation (MPC), which offers them opportunities to glean insights and detect financial crime based on sensitive data from multiple banks without the banks actually having to share the data. As such, MPC ensures privacy and security by design, balancing both the regulatory need for data secrecy and confidentiality with detection and investigative needs for composite data. 

This time round, the roundtable facilitates a dialogue involving different perspectives on how to approach the multi-stakeholder challenge regarding “Information Sharing with Privacy and Security by Design”. Participants will also be provided the opportunity to share with one another relevant updates arising from the prior roundtable sessions held in March and November 2021.