We believe that with the right data, financial institutions can speak the same language as their correspondent banking partners, better analyze their risk profiles and so reduce financial crime risk in the market.
With a vision to rid the earth of financial crime, we’re on a mission to build effective technology for how public and private institutions make decisions and manage financial crime risk.
While working at Standard Chartered Bank as Head of Financial Crime Compliance, Elucidate’s founder and CEO Shane Riedel experienced first-hand the struggle to effectively manage the risk associated with financial crime.
With no standardized framework, financial crime risk was evaluated and managed differently across institutions, leading to friction between banking partners and unnecessary de-risking, negatively impacting emerging markets. To add to this, although billions are spent globally to tackle financial crime, 2 to 5% of global GDP is laundered each year by criminals, often through legitimate financial networks.
That’s why in 2018 Shane and co-founder and CTO, Filipe Garcia, set out to build a solution to eliminate financial crime. Through enabling institutions to better use their own data, Elucidate aims to build stronger correspondent banking relationships through providing financial institutions with a common framework to remediate risk.