The answer is in the data.

For a data-driven approach to preventing and detecting financial crime

Within the broad universe of information that constitutes the data generated every day, both by financial institutions, and authorities, there exists an extensive set of information relevant to understanding normal and abnormal transactional activity. Having access to this data and understanding this distinction is key to the development of any technology capable of accurately detecting patterns of financial crime.

For a while, the industry has been asking for more information from the public sector to support efforts to prevent and detect financial crime, but information sharing is typically confined to round-tables or in the course of case-by-case exchanges. On the whole, the industry still lacks systematic access to the broader, labelled dataset (i.e. data on true positives) produced by authorities that would enable the industry to effectively reverse engineer patterns of illicit behavior. Information sharing and active collaboration across all concerned parties within the financial system is critical to successfully combating financial crime.

Limiting access to data limits technology innovation

This situation is not solely due to deficiencies in current technological capabilities.

In fact, many RegTechs, including Elucidate, have the capability to leverage a vast array of machine learning technologies and modern modelling techniques towards effective identification of illicit flows at previously unseen levels of efficiency and accuracy.

Leveraging modern technology towards effective control standards

This data would provide an unparalleled view on financial crime risk exposure at a systemic level, adding context to future transactions, and in doing so, enhance the analytical capabilities of the private sector and authorities alike.

Modern solutions to modern problems

To learn more about Elucidate, visit https://elucidate.co or contact our team.

Elucidate is a financial crime risk management company enabling banks to benchmark and price FinCrime risk through risk assessment, data analysis and scoring.

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