Consilient, a newly formed company dedicated to establishing a next-generation system for anti-money laundering and countering the financing of terrorism, recently launched a new secure, federated learning platform powered by Intel® Software Guard Extensions. The artificial intelligence platform aims to prevent financial crime and enable secure collaboration among financial institutions while helping to protect privacy and secure data.
According to the United Nations, between 2% and 5% of gross domestic product is laundered globally every year, which amounts to $800 billion to $2 trillion. Recognizing the need to move beyond a manual and fragmented monitoring system, Consilient built an intelligent, collaborative and always-on solution that leverages federated learning and Intel SGX to detect financial fraud. By automating this process through federated learning, access to multiple datasets, databases and jurisdictions are encrypted without ever revealing the data or sensitive customer information to the different parties involved.