NEW YORK – Last week, Inpher Cofounder & CTO Dr. Dimitar Jetchev presented to an audience of 700 at the Real World Crypto (RWC) Symposium in New York City. RWC is an annual conference organized by the International Association for Cryptologic Research (IACR), and is one of the largest applied cryptography conferences in the world.
In his presentation, Detecting Money Laundering Activities via Secure Multi-Party Computation Network Flow Analysis, Dr. Jetchev explained Inpher’s award-winning anti-money laundering (AML) solution that the team pioneered at the UK Financial Conduct Authority’s (FCA) Global Financial Crime TechSprint in August 2019.
Money laundering is the third largest business in the world accounting for more than 2.7% of the global gross domestic product. Yet, due to privacy concerns, banks lack access to data from other banks to detect money laundering schemes on a global scale. Inpher’s RWC contribution proposed a cryptographic solution based on secure multi-party computation (MPC) to detect global money laundering activities while preserving the privacy of the individual transaction data across banks.
Inpher deploys XOR Secret Computing Engine on the Google Cloud Platform to apply MPC protocols to disparate data sources, extracting credible suspicions while keeping the data sovereign in a GDPR-compliant manner. This novel cryptographic approach enables previously restricted inter-bank collaboration on transaction data.
If you’re interested in learning more about Inpher’s AML solution or how Secret Computing can solve your data privacy concerns, reach out to us today!