A project to enhance quantum machine learning methods for anti-money laundering detection has been awarded to Rigetti Computing by Innovate UK.
Rigetti will be joined by HSBC, the Quantum Software Lab based at the University of Edinburgh, and the National Quantum Computing Centre to work to improve the performance of quantum algorithms for anomaly detection, a critical method for identifying and preventing financial crime.
Money laundering poses a significant threat to financial institutions and society. Machine learning technology has the power to detect and prevent financial crime by flagging suspicious transactions and adapting to ever-changing criminal behavior. Quantum computing has the potential to enhance existing classical computing workflows, and in turn, could offer improved machine learning methods. In this work, the consortium will aim to extend current anomaly detection quantum machine learning models to detect anomalous behavior indicating money laundering.
“We are delighted to join Rigetti and HSBC to explore a real-world use-case. This collaboration aligns with the NQCC’s ambitions of exploring impactful early applications of quantum computing, showcasing the potential of the technology, stimulating user adoption, and shaping the UK’s quantum computing user community. Launched in partnership with the NQCC in April 2023, the Quantum Software Lab (QSL) at Edinburgh is a unique space between academia and industry to accelerate innovation and commercialisation by turning industry pain points into relevant research solutions. This is one of the very first initial projects of the QSL and we are eager to use it as a working model for other projects to come.” comments Professor Elham Kashefi, Chief Scientist, NQCC, and the Head of QSL, University of Edinburgh.
Read the full press release here.