me start with the role of aml / cft supervisors. in the first instance, it is essential that national aml / cft supervisors encourage the establishment of partnerships for the sharing of information through the development of clear guidance in addition to a verification process that is accessible, transparent, and capable of evolving over time. at the central bank, notwithstanding the fact that the aml regulation will not be applicable until july 2027, work is well underway on developing the necessary framework and governance procedures. the verification process will require not only the review of the application to ensure that it conforms with the requirements of article 75 but will also require the central bank to consult our colleagues in the office of data protection commissioner in relation to the data protection impact assessments ( " dpia " ). it will also be necessary to for the central bank to consult with the financial intelligence unit where necessary. in addition to fulfilling our statutory role in verifying partnerships for information sharing, in my view there is an additional and equally important role that aml / cft supervisors must play in order to realise the full potential of article 75 aml regulation. that is our role in fostering and supporting the development and adoption of technologies that facilitate the sharing of sensitive information through the use anonymisation technologies. the so - called privacy enhancing technologies ( pets ) have the potential to revolutionise information sharing between private sector operators. aml / cft supervisors such as the central bank of ireland can, i hope, act as a catalyst for the development and implementation of such technologies. 3 / 5 bis - central bankers'speeches one such way the central bank can do this is by continuing to enhance our engagement with innovation in financial services. in 2018, we launched the innovation hub for firms to engage directly with the central bank on innovation. since the launch of the innovation hub, the innovation ecosystem has continued to develop at pace in ireland and abroad. in line with the continuous development of the innovation ecosystem, we also have continued to deepen our approach by enhancing our innovation hub and outreach programme. this involves, firstly, enhancing the role of our innovation hub to deliver deeper, clearer and more informed engagement with the innovative ecosystem. secondly, we are establishing an innovation sandbox programme to inform the early stage development of selected innovative initiatives which are consistent with our public policy objectives. in july, we announced the theme of our first innovation sandbox programme that is very relevant to our discussion today, that of combatting financial crime. the sandbox

information " are entirely at odds with the realities of criminal operations, which are not bound by – and indeed actively exploit – international borders to evade civil and criminal sanctions. this undermines law enforcement's ability to build a picture quickly and comprehensively. it also undermines financial institutions'ability to fully understand their exposure to financial crime risk at a global level ". not only do criminals operate without regard to borders, they also routinely use multiple institutions to launder their ill - gotten gains. consequently, it is increasingly difficult for a single private sector operator to identify suspicious activity in the absence of all the pieces of the " jigsaw ". information sharing among private sector operators therefore has the potential to improve the quality and accuracy of suspicious activity reporting. this can ultimately reduce the operational burden in processing and analysing large amounts of low quality data that historically has resulted in large volumes of false positives. some countries - the uk, the us and singapore - have taken the lead in enabling information sharing between private sector operators. america's patriot 2001 act is often described as the gold standard on information sharing. singapore's digital 2 / 5 bis - central bankers'speeches platform – called cosmic - enables six major commercial banks to securely share with each other information on customers who exhibit multiple " red flags " that may indicate potential financial crime concerns. 3 article 75 of the new aml regulation, while not as broad as the information sharing provisions in the usa and singapore, enables for the first time the sharing of certain confidential information between private sector operators under the auspices of what are known as " partnerships for information sharing ". as one would expect, article 75 contains a number of caveats and establishes a number of important guardrails designed to strike the balance between effectively combatting money laundering and terrorist financing and protecting the privacy and the data of all eu citizens. one such guardrail is the requirement that information can only be shared within a partnership provided the information relates to customers deemed to be higher risk and the information sharing is strictly necessary for the purposes of meeting aml / cft obligations. another safeguard is the requirement that partnerships for information sharing must be verified in advance of their establishment by the aml / cft supervisory authorities in collaboration with data protection authorities. successfully navigating the complex set of safeguards and fully realising the full potential intrinsic in partnerships for information sharing will require a coalition of actors working in unison and with ambition. so what specifically will be required of this coalition of actors? let