PinnedLessons in Financial Crime Risk Management from the Danske Bank ScandalThis article was originally published on Elucidate’s blog. You can read it here. Written by Head of Public Sector, Max Heywood. What did Danske Bank do? Danske Bank, the largest bank in Denmark, recently pleaded guilty to charges of money laundering and agreed to pay a $400 million fine. This plea, the result of an…Financial Crime Risk5 min readFinancial Crime Risk5 min read
Published inElucidateGmbH·PinnedHow transparent benchmarking in correspondent banking avoids de-risking and maximises opportunitiesThis article was originally published on Elucidate’s blog, you can access it here. Introduction There’s been a sharp rise in the percentage of respondent banks reporting it ‘difficult or impossible’ to access US currency in recent years. …Correspondent Banking6 min readCorrespondent Banking6 min read
Published inElucidateGmbH·PinnedWhy better data helps you get on the front foot with your correspondent bankThis article has been repurposed from its original on Elucidate’s blog. According to the BATF’s Respondent’s Playbook for Obtaining and Maintaining a Correspondent Banking Relationship, the number of global correspondent banking relationships decreased by 15.5% …4 min read4 min read
Published inElucidateGmbH·Apr 8, 2021Financial crime risk metrics: the missing piece of the anti-money laundering puzzle?Speeches about money laundering have rarely been described as passionate, but this is the type of language observers are reaching for to capture the recent shift in tone from the global anti-money laundering body — the FATF. The direct messaging from FATF leadership at industry events is spurring public recognition…Financial Crime3 min readFinancial Crime3 min read
Published inElucidateGmbH·Mar 10, 2021How leveraging data leads to more effective risk management in correspondent bankingOne of the major challenges faced by financial institutions with extensive correspondent banking relationships is managing the financial crime risks they are exposed to through their networks. Among the approaches used by banks to manage these risks is ‘de-risking’: terminating or restricting their business relationships with categories of clients and…Risk Management4 min readRisk Management4 min read
Jan 7, 20213 Suptech milestones to look out for until 2023 — and why they will matter3 Suptech milestones to look out for until 2023 — and why they will matterFinancial Crime4 min readFinancial Crime4 min read
Aug 21, 2020The Five Biggest Barriers to Banking Innovation and How to Overcome ThemIn viewing the current state of the banking industry, it has become readily apparent that whilst innovation is challenging, it is also very much needed. Financial crime capture and control rates have effectively flattened since the early 2000s, and proportional estimates of financial crime in the market have remained equally…Technology5 min readTechnology5 min read
Jun 11, 2020Integrating Modern Tech into Your Control FrameworkWithin the banking and risk management industry, new tech should be viewed as an augmentation to improve team function and efficiency, not an interface where capability is limited by technological conservatism. Yet, when grappling with the ever-changing field of available technologies, financial institutions often worry about the costs surrounding these…4 min read4 min read
May 7, 2020Breaking from TraditionOvercoming Experimenter’s Bias to Better Manage Financial Crime Risk — In many ways, current best practices within the Financial Crime and Risk Management space seem to be preordained; the common wisdom of the industry seems sound, yet stubborn and immoveable. For many risk managers, it’s common sense that extractive industries or real estate brokers would present as high-risk clients, while…Bias4 min readBias4 min read
Apr 2, 2020Re-thinking site visits and call reports in the name of innovation, efficiency and sustainabilityTimes of crisis often lead to an odd mix of tragedy and innovation, and the global COVID-19 pandemic is no exception. Governments around the world rightfully prioritise human lives at the immediate cost of their economy in an attempt to contain the pandemic and flatten the curve. Financial institutions have…2 min read2 min read
