Elucidate’s comprehensive AI-powered data analytics engine helps bring real-time, deep visibility into financial risk exposure, and give control to the people in charge. Technology is playing a huge role in transforming this growing challenge.
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“In a context of uncertainty and constant change, it has become nearly impossible for financial institutions to handle their increasingly complex processes in a manual way. “This funding validates the vital work we are doing, strengthens our position in the market and shows that especially in this current era of geopolitical instability, the financial community is calling for innovative tech solutions to overcome systemic challenges.”īy employing data analysis and modeling, Elucidate has created (what it claims to be) the first regulated risk scoring system for financial crime, the Elucidate FinCrime Index (EFI), in order to address this same problem and simplify the way the financial system addresses financial crime.īaris Aksoy, General Partner of AV8 Ventures, lead investor, said: “The Ukraine-Russia conflict and the complexity banks have faced implementing the most recent sanctions has, once again, revealed the sheer scale of financial crime risk banks can find themselves exposed to when they lack the proper tools.Īn international reset in how we address financial crime is required.Įlucidate, with their goal to rid the planet of financial crime, claims to be leading this movement by showing how innovative tech may be used to establish international benchmarks for financial crime risk management. Shane Riedel, co-founder and CEO of Elucidate, noted that the investment comes at a key moment for the firm as it gets ready to scale business activities. In order to ensure financial crime may be effectively countered via Government regulations, such as shell company structuring and economic sanctions, a novel approach is needed.ĭuring the next few months, Elucidate plans to work with various public authorities in the United Kingdom, highlighting the different challenges of dealing with financial crime via current processes and looking to work cooperatively with these authorities, including the FCA to introduce risk-based solutions for financial institutions. The UK’s Financial Conduct Authority (FCA) employs around 4,000 workers and regulates more than 50,000 institutions.
Geopolitical instability in Eastern Europe as well as the introduction of sanctions targeting Russia have now emphasized the wider challenge financial institutions deal with when attempting to identify and address financial crime.įraud and money laundering activities remain unmitigated and still on the rise, with organizations depending on manual and legacy processes to combat financial crime. Overall financial crime has increased during the pandemic. The capital injection comes at a key time for the financial industry.
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