The Financial Conduct Authority (FCA) has announced the creation of a dedicated Quantum Experimentation Group (QEG) in the United Kingdom to explore the use of quantum computing in combating financial crime; the first stream of experiments will focus on detecting money laundering and fraud, and the project is planned to launch in the first quarter of 2027.
Participants and experimental methods
Banks, other financial institutions, quantum technology developers and national research laboratories will be involved in the project. Participants will test whether quantum machine learning algorithms can more effectively detect suspicious transactions and signs of fraud compared with traditional data analysis methods.
The FCA will provide specially generated datasets for the tests to avoid using real confidential customer information. The regulator will also investigate the technological limitations of quantum computing, the potential risks of their application and the possible implications for future regulation of the financial sector.
Participation deadlines and project status
Financial institutions and technology companies can apply to take part in the project until 31 December 2026. At present this is only an experimental programme: the FCA has not yet announced any deployment of quantum systems in real financial investigations.
Legislative changes in Ukraine regarding the register of accounts
On 10 November the Verkhovna Rada approved in first reading draft law No. 14327-d on the creation of a centralized register of bank accounts and private safe deposit boxes; 249 members of parliament voted for the document.
The register is to contain information about account holders and the banks where accounts are opened, but will not include data on account balances, cash flows or safe contents. Under the revised text it is proposed to grant direct access to the register to the National Agency on Corruption Prevention (NACP), the Bureau of Economic Security (BES) and the Asset Recovery and Management Agency (ARMA) as part of changes for joining the Single Euro Payments Area (SEPA) and meeting European requirements on anti-money laundering.
