Consilient: K2 Intelligence Financial Integrity Network and Giant Oak Collaborate with Intel to Launch the New Approach to Fighting Financial Crime

Consilient: K2 Intelligence Financial Integrity Network and Giant Oak Collaborate with Intel to Launch the New Approach to Fighting Financial Crime

Juan Zarate, chairman and co-founder of the Financial Integrity Network (FIN) and global co-managing partner and chief strategy officer at K2 Intelligence FIN, and Gary M. Shiffman Ph.D., founder and CEO of Giant Oak, announced the launch of Consilient, a company dedicated to establishing the next generation AML/CFT system through the application of revolutionary technologies. Consilient’s ambition is to solve the fundamental challenges of the lack of efficiency and effectiveness in preventing financial crime while protecting privacy and securing data. Consilient’s design provides a solution to creating a more effective approach to discovering and managing financial crime risk and protecting the integrity of the financial system efficiently.

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“The current global AML/CFT system is an outdated model that requires a new 21st century design that allows financial institutions, authorities, and other regulated actors in the financial system the ability to discover and manage evolving and complicated illicit financing risks to the financial system more proactively, effectively, and efficiently,” said Juan Zarate, who was the first-ever Assistant Secretary of the Treasury for terrorist financing and financial crimes, where he led the post-9/11 anti-money laundering and sanctions regime expansion in the United States and globally. “With Consilient, we are leapfrogging the current system with a revolutionary new design that meets the policy goals of preventing financial crime, leveraging more data and machine learning, sharing risks and resources, all the while protecting and preserving privacy. At last, we are now in a position to redesign the system – and help banks and institutions focus more intently and cost-effectively on systemic financial crime risks that matter most to the security and integrity of their enterprises and the financial system.”

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Consilient introduces the DOZER™ technology which uses transfer-learning so that models can be trained across multiple sets of training data, allowing financial institutions to collaborate without putting private data at risk. This secure computing is made possible through Intel’s Software Guard Extensions (Intel® SGX) technology, which uses a hardware-based trusted execution environment to help isolate and protect specific application code and data in memory.

“The application of the Intel® Software Guard Extensions (Intel® SGX) technology in the financial space is incredibly exciting. Finance, as we’ve seen in many industries, is limited by secure information sharing, and initial trial results between Intel and Consilient hold tremendous promise for the future of collaborative finance,” commented Anil Rao, Intel vice president & general manager, Data Platforms Security and Systems Architecture.

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