"Palantir is expected to apply its AI system, known as Foundry, to huge quantities of information held by the watchdog, including case intelligence files marked highly sensitive; information on so-called problem firms; reports from lenders about proven and suspected frauds; and data about the public, including consumer complaints to the financial ombudsman."
"The deal has raised concerns inside the FCA. One source said: Once Palantir understands how we detect money-laundering threats, how do we know that they are ethically reliable enough not to go to share that information?"
Palantir has been awarded a contract by the Financial Conduct Authority (FCA) to analyze its internal intelligence data for a three-month trial. The contract, costing over 30,000 a week, aims to enhance the FCA's efforts against financial crime, including fraud and money laundering. Palantir will utilize its AI system, Foundry, to process vast amounts of sensitive information. The deal has sparked significant privacy concerns, particularly regarding the ethical handling of sensitive data and the potential sharing of information by Palantir.
Read at www.theguardian.com
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