![]() ![]() 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. This behaviour may explain why German firms use more bank loans for external financing than firms in most other countries, as has been shown by Hackethal. That’s why in 2018 Shane and co-founder and CTO, Filipe Garcia, set out to build a solution to eliminate financial crime. Financial advisors can help with due diligence on investments, provide valuation services for businesses, aid in real estate endeavors, and more. 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. When you have a lot of financial data, managing, processing, and analyzing it requires efficient and fluid processes that use dependable data transfer services. ![]() 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. 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 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. ![]() 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. ![]()
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