COMPLIANCE computers , and for the time being , they are accessible only through cloud services . This could change with the EU ’ s latest quantum programs .
In 2018 , the EU launched its Quantum Technologies Flagship program with a budget of 1 billion euros ( approximately $ 1.1 billion ). Its purpose is to bring together research institutions , industry experts and public funders across Europe for a large-scale and long-term research initiative into quantum technologies . 15
Another game-changing initiative is the European High Performance Computing Joint Undertaking ( EuroHPC JU ). Launched in 2021 , its aim is to develop and deploy worldclass supercomputing and data infrastructure across Europe . With quantum technology , it aims to build by 2023 , state-of-the-art hybrid quantum computers merged with their classical counterpart . 16
In October 2022 , the EuroHPC JU announced that the Czech Republic , Germany , Spain , France , Italy and Poland would each host the first European quantum computers . The purpose of these computers is for the acceleration and creation of “ new knowledge and solutions to global societal challenges ,” as well as to “ address complex simulation and optimisation problems .” 17 The aim is to have the first computer with quantum acceleration available by 2025 . 18
Academics and industries across the EU will be able to access any of the six quantum computers from anywhere in Europe through cloud technology . 19
The future is near
It is estimated by experts that quantum computers will be available for commercial purposes in five to 10 years ’ time . 20 In the meantime , European quantum startups and FIs will be able to progress in their experiments and tests through the use of EuroHPC JU ’ s initiative . This can potentially pave the way for more effective and varied AFC technologies that could revolutionize the way AFC experts work .
Quantum computers have shown promise in the improvement of transaction monitoring systems when it comes to false positives , including quicker and more accurate results . As the EU becomes a fundamental player in the race for quantum computing , its programs may be the key to the development of efficient and game-changing AFC tools .
Stefano Siggia , CAMS , senior consultant , Pideeco , Belgium , stefano @ pideeco . be ,
1
Daphne Leprince-Ringuet , “ Quantum supremacy ‘ milestone ’ achieved by light-emitting quantum computer ,” ZDNET , December 4 , 2020 , https :// www . zdnet . com / article / quantum-supremacy-milestone-achieved-bylight-emitting-quantum-computer /
2
“ The Big Tech in Quantum Report : How Google , Microsoft , Amazon , IBM & Intel Are Battling For The Future Of Computing ,” CB Insights , December 22 , 2021 , https :// www . cbinsights . com / research / report / big-tech-quantum /
3
“ What is Quantum Computing ?” Caltech Science Exchange , https :// scienceexchange . caltech . edu / topics / quantum-science-explained / quantum-computing-computers
4
“ What Is Entanglement and Why Is It Important ?” Caltech Science Exchange , https :// scienceexchange . caltech . edu / topics / quantum-science-explained / entanglement
5
AJ Rasmusson , “ The power of quantum computing : Parallelism ,” Indiana University Bloomington , July 13 , 2019 , https :// blogs . iu . edu / sciu / 2019 / 07 / 13 / quantumcomputing-parallelism /
6
“ Opportunities and Challenges of New Technologies for AML / CFT ,” Financial Action Task Force , July 2021 , https :// www . fatf-gafi . org / content / fatf-gafi / en / publications / Digitaltransformation / Opportunities-challenges-new-technologies-for-aml-cft . html
7
Michele Grossi , Noelle Ibrahim , Voica Radescu , et al ., “ Mixed Quantum — Classical Method for Fraud Detection With Quantum Feature Selection ,” IEEE Transactions on Quantum Engineering , Vol . 3 , p . 1-12 , 2022 , https :// ieeexplore . ieee . org / document / 9915517
8
Rohith Ghandi , “ Support Vector Machine — Introduction to Machine Learning Algorithms ,” Towards Data Science , June 7 , 2018 , https :// towardsdatascience . com / support-vector-machine-introduction-to-machine-learning-algorithms- 934a444fca47
9
Soham Faldu , “ Quantum Support Vector Machine 101 ,” DZone , January 16 , 2023 , https :// dzone . com / articles / quantum-support-vector-machine-101
10
Michele Grossi , Noelle Ibrahim , Voica Radescu , et al ., “ Mixed Quantum-Classical Method for Fraud Detection With Quantum Feature Selection ,” IEEE Transactions on Quantum Engineering , Vol . 3 , p . 1-12 , 2022 , https :// ieeexplore . ieee . org / document / 9915517
11
Ivan Fernandez , “ El algoritmo cuántico diseñado por una startup española que es capaz de detectar usos fraudulentos de la tarjeta de crédito ,” Business Insider , July 15 , 2020 , https :// www . businessinsider . es / algoritmo-cuantico-capazdetectar-fraudes-tarjetas-credito-677379
12
Matt Swayne , “ Quantum Computing Inc . to Help Rabobank Fight Fraud with Entropy Quantum Computing ,” The Quantum Insider , December 8 , 2022 , https :// thequantuminsider . com / 2022 / 12 / 08 / quantum-computing-inc-tohelp-rabobank-fight-fraud-with-entropy-quantum-computing /
13
Rebel Brown , “ Entropy Quantum Computing , Delivering Quantum Value , Today ,” Quantum Computing Inc ., https :// www . quantumcomputinginc . com / blog / entropy-quantum-computing /
14
“ CaixaBank Group , D-Wave Collaborate on Innovative New Quantum Applications for Finance Industry ,” CaixaBank , March 3 , 2022 , https :// www . caixabank . com / comunicacion / noticia / caixabank-group-d-wave-collaborate-on-innovative-newquantum-applications-for-finance-industry _ en . html ? id = 43342
15
“ Quantum ,” European Commission , https :// digital-strategy . ec . europa . eu / en / policies / quantum
16
Ibid .
17
Ibid .
18
Ibid .
19
“ EU deploys first quantum technology in six sites across Europe ,” European Commission , October 4 , 2022 , https :// ec . europa . eu / commission / presscorner / detail / en / IP _ 22 _ 5914
20
Bernard Marr , “ Quantum Computing Now And In The Future : Explanation , Applications , And Problems ,” Forbes , August 26 , 2022 , https :// www . forbes . com / sites / bernardmarr / 2022 / 08 / 26 / quantum-computing-now-and-in-the-futureexplanation-applications-and-problems / 58 acamstoday . org