Build resilient business models and boost market presence via continuous insights into financial crime risk
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
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.
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:
Automate own risk assessment
Better monitor my affiliates
Automate Enhanced Due Diligence on FIs
Replace site visits on FIs
Automate board reporting
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
Automate my risk assessment
Better monitor my affiliates
Automate Enhanced
Due Diligence on FIs
Replace site visits on FIs
Automate board reporting
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