Operacija AI-FINREG je bila sofinancirana s strani Evropske unija iz Evropskega socialnega sklada in Ministrstva za izobraževanje, znanost in šport prek Javnega štipendijskega, razvojnega, invalidskega in preživninskega sklada Republike Slovenije. Project AI-FINREG was co-financed by the European Union through the European Social Fund and the Ministry of Education, Science and Sport and the Ministry of Education, Science and Sport via the Public Scholarship, Development, Disability and Maintenance Fund of the Republic of Slovenia.
Regulation of modern FinTech services and protection of personal data
The project primarily solved the problem of risk management and compliance with regulations in the financial world (or FinTech). Regulations dictate different processes and methodologies in the financial sector, such as:
- Customer identification
- Acquisition and proper storage of personal data
- Identification of personal risks - political exposure, terrorist and criminal connections, etc.
- Identification of operational risks arising from the activities of customers.
The key to compliance is the management of up-to-date information obtained from various (online and other) sources. Companies must use a set of analytical tools that allow them to automatically or semi-automatically detect anomalies and potential risks.
The purpose of this project was to improve cooperation between economic entities such as companies and educational institutions (University of Ljubljana, FMF, FRI and PF) by increasing mutual competencies in the field of financial technologies and analytical methods.
Collaboration between six students from three different higher-education institutions (FMF, FRI and PF), two pedagogical mentors (FMF and FRI) and one mentor from Abelium achieved the following results:
A publication was posted on Abelium’s website, which focused on the topic of the AI-FINREG project. Realization: News published on the website abelium.com.
A lecture by both pedagogical mentors deepened the understanding of Abelium’s employees on the most modern technologies and methods of artificial intelligence, as well as the potential that comes with the field of quantum computers. Realization: Implementation of knowledge transfers (on 16th of July 2020) via video conferencing using the online service Zoom.
Knowledge transfer by the work mentor (Dr. Primož Lukšič) on the topic: Regulation of modern FINTECH services and protection of personal data. Through the transfer of knowledge, we expanded the results of the project and strengthened the mutual relations between the project’s partners. Realization: Implementation of knowledge transfer (on 24th of July 2020) via video conferencing using the Google Meet web service.
Students involved in the development of methods and algorithms for retrieving data from various websites learned the basics of data analyst work. They also acquired a new set of skills, learned appropriate tools, and participated in the development, upgrading and maintenance of databases to achieve compliance with regulators. Realization: Performed analysis of databases and web tools.
The working group used the identified resources and tools to update and upgrade databases and improve processes to achieve compliance with regulators at partner 1. Realization: Multiple upgraded partner 1 databases.
The working group used a prototype of the identified tools to analyze the risk of transactions from various crypto addresses. Realization: Test study integration of identified web tools for analysis of crypto networks to confirm potential support for the mobile application ACE.Trade.
- Abelium d.o.o., research and development (Dr. Primož Lukšič)
- University of Ljubljana, FMF, FRI, PF
- ACE.Trade - We developed an entry-level app for crypto trading. It simplifies the first steps in the crypto world for initiatives and first time traders, while staying compliant with regulations.
- PLASMA - A project for developing a banking and trading platform, upgraded with an innovative connection between the financial, fintech, and crypto worlds.