FCA Invites Firms to Test Whether Quantum Computers Can Spot Money Laundering
By Damian Chmiel
AI summary of the source article
The UK Financial Conduct Authority has launched a Quantum Experimentation Group to test quantum machine learning for fraud detection and anti-money laundering. Open to UK financial firms, quantum providers, and research labs, trials begin in Q1 2027.
Why it matters
FCA Chief Data, Information and Intelligence Officer Jessica Rusu stated: "We want to help firms explore where quantum could make a meaningful difference," targeting practical solutions for common industry challenges starting with financial crime.
Key facts
- The FCA's Quantum Experimentation Group will use synthetic datasets to test quantum machine learning for anti-money laundering and fraud detection starting in Q1 2027.
- Registration for UK financial firms, quantum providers, and research labs closes on December 31.
- The FCA also advised firms to transition to post-quantum cryptography, citing NCSC migration deadlines running through 2035.
Source excerpt · Finance Magnates
The UK Financial Conduct Authority (FCA) wants firms to test quantum computers on money laundering and fraud detection, the regulator said today (Thursday). Members of its new Quantum Experimentation Group will work on artificial data the FCA has built for the trials. The group is open to UK financial firms, quantum computing providers and research labs. Registration closes on December 31 , and th…