Elucidate: Launches industry-first product for pricing financial crime risk
- Elucidate is a financial crime risk quantification platform, regulated by the BaFin and ESMA
- Launched a standardised, transparent product for pricing financial crime risk, which it says will provide fairness
- Transactions between financial institutions are currently priced by volume
- Originators of high-risk transactions are therefore not incentivised to improve their financial crime controls
- Aims to reduce financial crime by creating a standardised algorithm that the entire market can adopt
- The framework also ensures transactions that pose higher financial crime risks will be subject to higher fees
