Non-Bank Financial Institutions

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