FinCrime Dynamics have been awarded UK government funding to develop a consortium for the advancement of Trustworthy AI in the fight against financial crime.
The initiative forms part of the UK National AI strategy and has been funded by Innovate UK, part of UK Research and Innovation. FinCrime Dynamics was awarded the funding based on their proposal for a consortium to develop simulations of financial crime using synthetic data, known as Financial Crime Vaccines, to help train more trustworthy AI. The trustworthiness of AI has been assessed on the principles of fairness, robustness and safety, transparency and human oversight. The use of simulations and synthetic data as part of the infrastructure to develop AI for the detection of financial crime closely aligns with these principles.
“There is a desperate need for the financial service industry to have access to the right data resources to create high-performance AI defences against financial crime. Intelligence sharing must now adapt to the requirements of AI, ” said FinCrime Dynamics CEO Stephen Quick. “It is a collective struggle and promoting more collaboration is key to winning this battle. This funding will enable us to accelerate the development of simulation and synthetic data technology to build AI in a more trustworthy and effective way for society.”
The project began on 1st May 2023 and will initially focus on the feasibility of delivery and the formation of a consortium. The second phase of the grant provides further funding of up to £1.2m for the consortium to deliver the proposed solution. The consortium aims to bring together a diverse group of stakeholders from academia to financial institutions such as banks.
“We are very proud of the team’s hard work and dedication in securing this grant which will be project managed by our CTO Dr Edgar Lopez-Rojas, while our CPO Daniel Turner-Szymkiewicz and Product Manager Zonathan Hass will support in driving this initiative forward,” said Stephen Quick. “We look forward to working with Innovate UK and other partners to ensure that society is able to benefit from the true potential of AI as a preventative tool against financial crime.”
The Innovate UK grant is a testament to FinCrime Dynamics’s dedication to innovation and commitment to making the financial system safer. FinCrime Dynamics software product, Synthetizor®, empowers financial institutions to access financial crime simulations and generate custom synthetic data. The grant promises to significantly raise the profile of alternative financial crime intelligence sharing approaches aimed at AI and the benefits of using synthetic data to train AI.
Potential consortium members are encouraged to register their interest and complete a short research survey on www.fincrimedynamics.com/trustworthyai or contact trustworthyai@fincrimedynamics.com.
FinCrime Dynamics Ltd is building the infrastructure to power AI in the fight against financial crime. Headquartered in Cambridge (UK), the company enables financial institutions to obtain the valuable resources increasingly demanded to create high-performance anti-financial crime AI solutions. FinCrime Dynamics software product, Synthetizor®, empowers users to access financial crime simulations and generate custom synthetic data.
Innovate UK, part of UK Research and Innovation, creates a better future by inspiring, involving and investing in businesses developing life-changing innovations. We provide targeted sectors with expertise, facilities and funding to test, demonstrate and evolve their ideas, driving UK productivity and economic growth. Join our network and communities of innovators to realise the potential of your ideas and accelerate business growth. Innovate UK: inspiring business innovation.f
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