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Consilient-Intel White Paper Details Federated Learning Model for Financial Crime Risk Mgmt

1 min read
Financial Crime Risk Mgmt
Financial Crime Risk Mgmt

Intel collaborated with Consilient, a joint venture between K2 Integrity and Giant Oak, to produce a white paper that describes a technological approach to update the current anti-money laundering/counter-terrorist financing system.

The "Federated Learning through Revolutionary Technology" report explains how the combination of Consilient's Dozer behavioral analytics tool and Intel's Software Guard Extensions platform could help industry obtain insights on financial crime risks while maintaining data privacy.

Both companies intend for their technologies to support efforts in both public and private sectors to identify illicit activity across the global financial system as part of the federated learning architecture.

Consilient's proprietary technology is designed to use a machine learning algorithm that would travel between servers at multiple institutions to analyze dataset patterns, while the Intel SGX platform functions as a hardware-based trusted execution environment to help organizations avoid unauthorized code or data modifications.

The report noted that Dozer has the potential to cut the false-positive rate in rule-based screening methods and AML/CFT systems from 95 percent to 12 percent.

Juan Zarate, global co-managing partner and chief strategy officer of K2 Integrity and 2016 Wash100 Award recipient, launched Consilient last month with Giant Oak founder and CEO Gary Shiffman. They authored the financial services security white paper in partnership with Intel professionals Nikhil Deshpande, Raghuram Yeluri and Parviz Peiravi.