Quantum computing trials to target money laundering and fraud
Quantum machine learning will be tested for detecting money laundering and fraud through a Financial Conduct Authority (FCA) initiative. The Quantum Experimentation Group will launch in the first quarter of 2027, using artificially generated data.
Synthetic data opens testing
The FCA will bring financial services firms, quantum technology providers and national research laboratories together in the Quantum Experimentation Group.
Described by the FCA as the world's first regulator-led quantum computing experimentation group, it will initially focus on detecting money laundering and fraud.
Participants will use an FCA synthetic dataset to overcome limited access to suitable testing data.
Firms, technology providers and national research laboratories can register interest by December 31, 2026.
The FCA will define problem statements and work alongside participants to examine opportunities, limitations and practical considerations.
Participants will share findings to guide future testing.
Beginners and advanced experimenters
Jessica Rusu, the FCA's chief data, information and intelligence officer, said early experimentation would help identify practical applications and build readiness.
The group will support organisations ranging from those exploring potential uses to those already conducting advanced experiments.
It builds on FCA research into quantum computing's long-term potential in financial services and complements wider UK quantum activity through collaborative experimentation and learning.
Testing potential, not proven performance
The initiative sets up experimentation rather than establishing that quantum tools detect financial crime more effectively.
The FCA will examine barriers to testing and possible implications for regulation.
Its stated remit covers limitations as well as opportunities.