The London innovation hub of the Bank for International Settlements is seeking applications for an expert advisory group on a project led by the Bank of England aimed at combating financial crime.
Project Hertha will investigate how network analytics can aid in identifying patterns of financial crime using a minimal set of data points. The project will map current and emerging financial crime typologies within real-time payment systems, leveraging insights from instant payment systems and digital asset networks. Additionally, it will create a synthetic dataset to evaluate the accurate identification of typologies while minimizing false positives.
Named after the pioneering British scientist, inventor, and suffragette Hertha Ayrton, the project pays tribute to her groundbreaking contributions. In 1904, Ayrton became the first woman to present a paper before the Royal Society, and two years later, she won the Hughes Medal for her remarkable work on electric arcs and sand ripples.
The Bank is seeking collaboration with experts from both the public and private sectors to develop the methodology for the project and the associated synthetic dataset. According to the BIS, “We anticipate that the advisory group will require around four full-time equivalent days of time commitment from the members between February and November 2024.” This will involve monthly meetings to guide project development, review emerging outputs, and conduct group workshops on financial crime typologies and data generation.
Project Hertha is one of six initiatives announced by the BIS Innovation Hub as part of its 2024 work programme, which also includes projects focused on cybersecurity, central bank digital currencies (CBDCs), and green finance.
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