UK to use quantum computing to fight crime
The Financial Crime Authority (FCA) has announced that it will bring together financial services firms, quantum technology providers and national research laboratories to explore how quantum computing could help tackle financial crime.
The group will initially explore how quantum machine learning could help detect money laundering and fraud. It will launch in the first quarter of 2027.
“Protecting consumers and enhancing the integrity of the UK financial system are central to the FCA’s regulatory objectives. As quantum computing develops, we want to better understand the challenges facing firms in effective deployment, and how the emerging technology can serve those objectives,” the regulator said in a statement on Thursday (5 November).
“Financial services firms are approaching quantum computing from different starting points. Some are already investing in research, developing specialist capabilities and experimenting with quantum technologies. Others are interested in its potential but have yet to develop the expertise or resources needed to begin.”
Participants will use an FCA synthetic dataset (artificially generated data) and will help firms explore practical uses of quantum computing in financial services and share findings to guide future testing.
It will also help the FCA understand the technology’s opportunities and limitations, barriers to experimentation and what these could mean for regulation.
“We want to help firms explore where quantum could make a meaningful difference, and early experimentation is essential to understanding its potential in financial services,” said Jessica Rusu (Chief Data, Information and Intelligence Officer at the FCA).
“By bringing together firms, technology providers and researchers, we can build readiness and identify practical applications for common industry challenges, starting with financial crime,” she said.
