The pilot comes with cooperation from Estonia's Financial Supervisory Authority, Financial Intelligence Unit, and Data Protection Inspectorate whose experts have been participating as consultants in the working groups. Results of the pilot will be announced in the spring of 2021. It is conducted with large banks active in Estonia – LHV, SEB Estonia, Swedbank Estonia, and Luminor, owned by a large investment fund Blackstone.
The aim of this pilot is threefold. First, to prove that collaborative crime-fighting in the banking industry is the best way to fight money laundering. Secondly, to confirm that the Privacy Enhancing Technology (PET) enables safe, secure data sharing within the bounds of regulatory and data privacy laws in the European Union. Finally, if the pilot proves successful in Estonia, it should set a new AML standard for financial institutions across Europe to follow in Estonia's footsteps, according to the official press release.
The AML Bridge pilot tests a similar solution to X-road Estonia, Estonia’s centralised e-platform where, instead of storing data in a centralised location, technology instead enables data to be kept in the hands of the originator and accessed securely from there.
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