Non-Bank Financial Institutions

Build resilient business models and boost market presence via continuous insights into financial crime risk

See it in action!

Leverage market-leading anti-financial crime technology that works for your business model and boosts your market positioning & competitive advantage.

Learn how we help NBFIs balance rapid growth with enhancing regulatory compliance and mitigating financial crime vulnerabilities

$200 Trillion
Assets under the NBFI sector in 2019

49.5%
Share of Global Financial Assets

25
Jurisdisctions where NBFI growth outpaced banks

Expand your business & client portfolio while evidencing compliance effectiveness

The case

Company X is a global payments platform headquartered in Singapore, reaching hundreds of millions of end customers via diverse partnerships and clients including neo-banks, payment aggregators, MNOs, MSB's, e-wallets, etc. They also serve as an intermediary in regional markets for multiple global correspondent banks (CB).

Earlier this year, one of their CB's raised grave concerns about Company X's financial crime risk controls for the remittance business due to its cross-border high volume-low value nature.Company X then engaged Elucidate to assess its own Financial Crime risk and that of everyone it does business with, including clients and affiliates.

The result

Company X was able to provide the CB (and supervisory authorities) a thorough analysis of risk exposures, controls and governance structures in place, and remediation strategies to mitigate residual risk.

Company X has now engaged Elucidate further, to automate and standardise the CDD and onboarding of all new client relationships to:

  • Expand business with confidence
  • Understand and mitigate financial crime risk as it arises
  • Strengthen ties with its correspondents and clients

What can Non-Bank FIs do with EFI?

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Automate own risk assessment

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Better monitor my affiliates

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Automate Enhanced Due Diligence on FIs

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Replace site visits on FIs

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Automate board reporting

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Strengthen my correspondent relationships

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Offer better products to my clients (i.e. nesting/currency)

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New correspondent relationships

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Lower compliance cost

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Lower payment costs

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Be competitive in the market

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Strengthen my regulatory relationship

Find the solution for what you need

Automate my risk assessment

Better monitor my affiliates

Automate Enhanced
Due Diligence on FIs

Strengthen my
correspondent relationships

Offer better products to my clients
(i.e. nesting/currency)

New correspondent relationships

Lower compliance cost

Lower payment costs

Be competitive in the market

Strengthen my regulatory relationship

Our solutions for Non-Bank FIs

Implement a continuous KYC policy with monthly risk assessments.
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