--- title: "Elucidate Blog" description: "Insights on Governance, Risk and Compliance. Stay up to date with news and insights about compliance, governance and regtech." url: https://elucidate.co/blog --- # Elucidate Blog Elucidate Blog Blog Insights on Governance, Risk and Compliance. Banks Compliance Financial Crime FinTech Regulators Featured In focus [Compliance](https://elucidate.co/category/compliance) [5 reasons why better compliance data equals a better correspondent banking relationship](https://elucidate.co/blog/5-reasons-why-better-compliance-data-equals-a-better-correspondent-banking-relationship) Here's how you can gather reliable compliance data to inform your self-assessment of risk performance and build better correspondent relationships. [Elucidate team](https://elucidate.co/blog/5-reasons-why-better-compliance-data-equals-a-better-correspondent-banking-relationship) More to read Further reading [Banks](https://elucidate.co/category/banks) [When a bank's answers disagree with itself: internal inconsistencies in the Wolfsberg CBDDQ](https://elucidate.co/blog/internal-inconsistencies-wolfsberg-cbddq-where-risk-hides) Internal inconsistencies in the Wolfsberg CBDDQ are not clerical errors — they are signals. We explain why contradictory answers hide risk pockets, and how to catch them at scale. [Elucidate team](https://elucidate.co/blog/internal-inconsistencies-wolfsberg-cbddq-where-risk-hides) 6  min read [Banks](https://elucidate.co/category/banks) [5 steps for conducting due diligence on your correspondent bank](https://elucidate.co/blog/5-steps-for-conducting-due-diligence-on-your-correspondent-bank) In this article, we explain how to conduct a thorough due diligence process on your correspondent bank in 5 easy steps. [Elucidate team](https://elucidate.co/blog/5-steps-for-conducting-due-diligence-on-your-correspondent-bank) 8  min read All articles Recent posts [Compliance](https://elucidate.co/category/compliance) [Beyond the BIC: why we built one directory for banks and regulated payment firms](https://elucidate.co/blog/beyond-the-bic-bank-and-firm-directory) The data behind the Elucidate Bank & Firm Directory—Swift's BIC directory, GLEIF and 22 regulator registers—how we standardise and link it, what it does not show, and why an identification layer is only useful if it is current. [Elucidate team](https://elucidate.co/blog/beyond-the-bic-bank-and-firm-directory) 8  min read [Banks](https://elucidate.co/category/banks) [When a bank's answers disagree with itself: internal inconsistencies in the Wolfsberg CBDDQ](https://elucidate.co/blog/internal-inconsistencies-wolfsberg-cbddq-where-risk-hides) Internal inconsistencies in the Wolfsberg CBDDQ are not clerical errors — they are signals. We explain why contradictory answers hide risk pockets, and how to catch them at scale. [Elucidate team](https://elucidate.co/blog/internal-inconsistencies-wolfsberg-cbddq-where-risk-hides) 6  min read [Compliance](https://elucidate.co/category/compliance) [Elucidate Partners with Ankura to Transform Financial Crime Compliance Through AI-Powered Risk Intelligence](https://elucidate.co/blog/elucidate-partners-with-ankura-to-transform-financial-crime-compliance-through-ai-powered-risk-intelligence) Elucidate announces a strategic alliance with Ankura, combining our AI-driven risk platform with their compliance expertise to deliver real-time intelligence and enhanced detection capabilities for financial crime prevention. [Elucidate team](https://elucidate.co/blog/elucidate-partners-with-ankura-to-transform-financial-crime-compliance-through-ai-powered-risk-intelligence) 3  min read [Financial Crime](https://elucidate.co/category/financial-crime) [5 strategies to simplify complex data systems in financial crime risk operations](https://elucidate.co/blog/5-strategies-to-simplify-complex-data-systems-in-financial-crime-risk-operations) Managing financial crime risk operations is no easy task. Disconnected systems, inefficient processes, and outdated data workflows often hinder decision-making and growth. In this article, we outline five key strategies to streamline your data systems and empower your teams to work smarter. [Elucidate team](https://elucidate.co/blog/5-strategies-to-simplify-complex-data-systems-in-financial-crime-risk-operations) 8  min read [Financial Crime](https://elucidate.co/category/financial-crime) [Scaling risk reporting while driving growth](https://elucidate.co/blog/scaling-risk-reporting-while-managing-growth) For operations teams in financial institutions, scaling risk reporting isn’t just about meeting regulatory requirements – it’s about ensuring operational efficiency and supporting strategic growth. This blog explores how to integrate risk data, automate repetitive tasks, and implement scalable, modular solutions that streamline operations. [Elucidate team](https://elucidate.co/blog/scaling-risk-reporting-while-managing-growth) 8  min read [Financial Crime](https://elucidate.co/category/financial-crime) [Streamlining risk ops: tools for today’s challenges](https://elucidate.co/blog/streamlining-risk-ops-tools-for-todays-challenges) Outdated systems and fragmented workflows are more than just inefficiencies – they’re barriers to resilience and growth. This blog examines the current approaches to risk and data operations and identifies why many systems fall short. [Elucidate team](https://elucidate.co/blog/streamlining-risk-ops-tools-for-todays-challenges) 8  min read [Financial Crime](https://elucidate.co/category/financial-crime) [3 SupTech milestones to look out for until 2023 and why they will matter](https://elucidate.co/blog/3-suptech-milestones-to-look-out-for-until-2023-and-why-they-will-matter) "When did criminals start to realise the best way to steal millions was to just make their transactions very very boringly complicated." [Elucidate team](https://elucidate.co/blog/3-suptech-milestones-to-look-out-for-until-2023-and-why-they-will-matter) 4  min read [Compliance](https://elucidate.co/category/compliance) [5 reasons why better compliance data equals a better correspondent banking relationship](https://elucidate.co/blog/5-reasons-why-better-compliance-data-equals-a-better-correspondent-banking-relationship) Here's how you can gather reliable compliance data to inform your self-assessment of risk performance and build better correspondent relationships. [Elucidate team](https://elucidate.co/blog/5-reasons-why-better-compliance-data-equals-a-better-correspondent-banking-relationship) 7  min read [Financial Crime](https://elucidate.co/category/financial-crime) [5 reasons why the global anti-money laundering (AML) system is failing financial institutions](https://elucidate.co/blog/5-reasons-why-the-global-anti-money-laundering-system-is-failing-financial-institutions) 99% of money laundering proceeds remains in criminal hands - here are the key reasons why global AML/CFT controls are not working. [Elucidate team](https://elucidate.co/blog/5-reasons-why-the-global-anti-money-laundering-system-is-failing-financial-institutions) 6  min read [Banks](https://elucidate.co/category/banks) [5 steps for conducting due diligence on your correspondent bank](https://elucidate.co/blog/5-steps-for-conducting-due-diligence-on-your-correspondent-bank) In this article, we explain how to conduct a thorough due diligence process on your correspondent bank in 5 easy steps. [Elucidate team](https://elucidate.co/blog/5-steps-for-conducting-due-diligence-on-your-correspondent-bank) 8  min read [FinTech](https://elucidate.co/category/fintech) [A more effective risk management in correspondent banking through data](https://elucidate.co/blog/a-more-effective-risk-management-in-correspondent-banking-through-data) \[Case Study\] Learn about some of the major challenges faced by financial institutions with extensive correspondent banking relationships and networks. [Elucidate team](https://elucidate.co/blog/a-more-effective-risk-management-in-correspondent-banking-through-data) 5  min read [Financial Crime](https://elucidate.co/category/financial-crime) [A probabilistic approach to outcomes in the anti-financial crime](https://elucidate.co/blog/a-probabilistic-approach-to-outcomes-in-the-anti-financial-crime) When it comes to preventing financial crime, today’s banking industry is stuck in a cycle of endless investments, and limited returns. [Elucidate team](https://elucidate.co/blog/a-probabilistic-approach-to-outcomes-in-the-anti-financial-crime) 5  min read [Banks](https://elucidate.co/category/banks) [A technology-driven approach to managing sanctions risk for financial institutions](https://elucidate.co/blog/a-technology-driven-approach-to-managing-sanctions-risk-for-financial-institutions) The current sanctions landscape is incredibly fast-moving, showing little sign of slowing down. Using innovative tools can help firms navigate it. [Elucidate team](https://elucidate.co/blog/a-technology-driven-approach-to-managing-sanctions-risk-for-financial-institutions) 4  min read [Compliance](https://elucidate.co/category/compliance) [Applying the rating agency model to financial crime](https://elucidate.co/blog/applying-the-rating-agency-model-to-financial-crime) In looking towards the future of the financial industry, it may be useful to look to the past, and the evolution of the credit risk industry [Elucidate team](https://elucidate.co/blog/applying-the-rating-agency-model-to-financial-crime) 5  min read [Compliance](https://elucidate.co/category/compliance) [Benchmarking financial crime risk for individual firms](https://elucidate.co/blog/benchmarking-financial-crime-risk-for-individual-firms) The standard AML toolkit is being put under the spotlight. What is the missing piece of the anti-money laundering puzzle? [Elucidate team](https://elucidate.co/blog/benchmarking-financial-crime-risk-for-individual-firms) 3  min read .svg) [Financial Crime](https://elucidate.co/category/financial-crime) [Correspondent banking: how transparent benchmarking can avoid unnecessary de-risking and maximise opportunities](https://elucidate.co/blog/correspondent-banking-how-transparent-benchmarking-can-avoid-unnecessary-de-risking-and-maximise-opportunities) De-risking can often be one of the first responses to working with banks in high risk categories. But does it have to be? [Elucidate team](https://elucidate.co/blog/correspondent-banking-how-transparent-benchmarking-can-avoid-unnecessary-de-risking-and-maximise-opportunities) 6  min read .svg) [Financial Crime](https://elucidate.co/category/financial-crime) [Correspondent banking: when is digital technology truly transformative in tackling financial crime?](https://elucidate.co/blog/correspondent-banking-when-is-digital-technology-truly-transformative-in-tackling-financial-crime) “Digital transformation” is a banking buzzword. But when is it truly effective in the fight against financial crime? We explain what you need to know. [Elucidate team](https://elucidate.co/blog/correspondent-banking-when-is-digital-technology-truly-transformative-in-tackling-financial-crime) 6  min read [Network management](https://elucidate.co/category/network-management) [Empowering respondent banks in the fight against financial crime](https://elucidate.co/blog/empowering-respondent-banks-in-the-fight-against-financial-crime) All too often, highly capable respondent banks are left disempowered by the industry's commonplace top-down financial crime risk management practices. [Elucidate team](https://elucidate.co/blog/empowering-respondent-banks-in-the-fight-against-financial-crime) 5  min read [Banks](https://elucidate.co/category/banks) [Enhancing Risk Assessment with Elucidate's Real-Time Risk Scoring System in ISO 20022 Transactions](https://elucidate.co/blog/enhancing-payment-with-elucidates-real-time-risk-scoring-system-in-iso-20022-transactions) In this article, we explore how Elucidate’s real-time risk scoring system leverages the ISO 20022 standard to bolster risk assessment in payment transactions. Discover how integrating comprehensive, ISO-compliant data can transform your approach to transaction risk analysis and enhance the accuracy of your data and risk operations. [Elucidate team](https://elucidate.co/blog/enhancing-payment-with-elucidates-real-time-risk-scoring-system-in-iso-20022-transactions) 3  min read [Regulators](https://elucidate.co/category/regulators) [FATF reports on technology & AML: what we’ve learned (and what we’re missing)](https://elucidate.co/blog/fatf-reports-on-technology-aml-what-weve-learned-and-what-were-missing) FATF has launched two new reports looking at the use of technology for anti-money laundering purposes. What does this mean for the industry? [Elucidate team](https://elucidate.co/blog/fatf-reports-on-technology-aml-what-weve-learned-and-what-were-missing) 4  min read [Financial Crime](https://elucidate.co/category/financial-crime) [Financial Crime is Financial Risk. Why is it not managed as such?](https://elucidate.co/blog/fincrime-is-a-financial-risk) Banks don't view the work of compliance departments as providing financial value but rather as a “cost center”. This view can be a big mistake. [Elucidate team](https://elucidate.co/blog/fincrime-is-a-financial-risk) 7  min read .svg) [Regulators](https://elucidate.co/category/regulators) [Germany's FATF mutual evaluation report: a case for better data and analytics](https://elucidate.co/blog/germanys-fatf-mutual-evalution-report-a-case-for-better-data-and-analytics) The FATF has released their assessment of Germany's AML/CFT efforts, a 324 page report, which calls for a more unified data and analytics approach. [Elucidate team](https://elucidate.co/blog/germanys-fatf-mutual-evalution-report-a-case-for-better-data-and-analytics) 6  min read [Compliance](https://elucidate.co/category/compliance) [Here is a better way to manage your bank's exposure to the Pandora Papers leak](https://elucidate.co/blog/here-is-a-better-way-to-manage-your-banks-exposure-to-the-pandora-papers-leak) Can compliance teams really be expected to go through 11.9 million Pandora Papers' files by themselves? [Elucidate team](https://elucidate.co/blog/here-is-a-better-way-to-manage-your-banks-exposure-to-the-pandora-papers-leak) 4  min read [Financial Crime](https://elucidate.co/category/financial-crime) [Here’s how the EU can enlist the private sector to tackle financial crime](https://elucidate.co/blog/heres-how-the-eu-can-enlist-the-private-sector-to-tackle-financial-crime) EU has a critical window of opportunity to put in place innovative yet feasible solutions to strengthen Europe’s protections against financial crime. [Elucidate team](https://elucidate.co/blog/heres-how-the-eu-can-enlist-the-private-sector-to-tackle-financial-crime) 3  min read [FinTech](https://elucidate.co/category/fintech) [How COVID-19 exposed the need for innovation in correspondent banking](https://elucidate.co/blog/how-covid-19-exposed-the-need-for-innovation-in-correspondent-banking) Times of crisis often lead to an odd mix of tragedy and innovation, and the global COVID-19 pandemic has been no exception. [Elucidate team](https://elucidate.co/blog/how-covid-19-exposed-the-need-for-innovation-in-correspondent-banking) 3  min read [Financial Crime](https://elucidate.co/category/financial-crime) [How poor financial crime risk management can be a career killer](https://elucidate.co/blog/how-poor-financial-crime-risk-management-can-have-career-ending-consequences) Without a right strategy and technology to support it, executives and Board Members put themselves at risk of being found liable for financial crime. [Elucidate team](https://elucidate.co/blog/how-poor-financial-crime-risk-management-can-have-career-ending-consequences) 3  min read [Integrating modern tech into your control framework](https://elucidate.co/blog/integrating-modern-tech-into-your-control-framework) Within the banking and risk management industry, new tech should be viewed as an augmentation to improve team function and efficiency. [Elucidate team](https://elucidate.co/blog/integrating-modern-tech-into-your-control-framework) 4  min read [Financial Crime](https://elucidate.co/category/financial-crime) [How financial crime scandals reveal the need for risk monitoring tech](https://elucidate.co/blog/learning-from-data-leaks) Leaks and whistleblowers have become a usual method by which many large-scale financial crime events are uncovered. What can we learn from this? [Elucidate team](https://elucidate.co/blog/learning-from-data-leaks) 3  min read [Financial Crime](https://elucidate.co/category/financial-crime) [Luanda leaks: Reflections on fixing a flawed system](https://elucidate.co/blog/luanda-leaks-consultancies-and-conflicts-of-interest) The revelations about the conduct and criminal activity of Isabel dos Santos has brought to the fore familiar issues in the financial crime space. [Elucidate team](https://elucidate.co/blog/luanda-leaks-consultancies-and-conflicts-of-interest) 3  min read [Compliance](https://elucidate.co/category/compliance) [Our take on the results of FATF’s cross-border payments survey](https://elucidate.co/blog/our-take-on-the-results-of-fatfs-cross-border-payments-survey) Understanding the key findings and challenges from the FATF Survey [Elucidate team](https://elucidate.co/blog/our-take-on-the-results-of-fatfs-cross-border-payments-survey) 5  min read [FinTech](https://elucidate.co/category/fintech) [Overcoming experimenter’s bias to better manage financial crime risk](https://elucidate.co/blog/overcoming-experimenters-bias-to-better-manage-financial-crime-risk) Financial crime is pervasive, dynamic, and often on such a scale that even the most apparently safe industries and regions are open for exploitation. [Elucidate team](https://elucidate.co/blog/overcoming-experimenters-bias-to-better-manage-financial-crime-risk) 5  min read [FinTech](https://elucidate.co/category/fintech) [Preventing financial crime with a data-driven approach](https://elucidate.co/blog/preventing-financial-crime-with-a-data-driven-approach) Information sharing and collaboration across all concerned parties within the financial system is critical to successfully combating financial crime. [Elucidate team](https://elucidate.co/blog/preventing-financial-crime-with-a-data-driven-approach) 3  min read [Compliance](https://elucidate.co/category/compliance) [Pricing financial crime risk](https://elucidate.co/blog/risk-based-pricing-baft) The shift from manual to automated, data-driven risk assessment is expected to transform how banks manage and price financial crime risk, promoting fairer practices and stronger standards across the industry. [Elucidate team](https://elucidate.co/blog/risk-based-pricing-baft)  min read .svg) [Financial Crime](https://elucidate.co/category/financial-crime) [Sanctions risks: KYC challenges and how to overcome them](https://elucidate.co/blog/sanctions-risks-kyc-challenges-and-how-to-overcome-them) From tech and operational challenges, to manual KYC and AML processes - here's how to tackle these challenges when evaluating sanctions risk. [Elucidate team](https://elucidate.co/blog/sanctions-risks-kyc-challenges-and-how-to-overcome-them) 7  min read [Financial Crime](https://elucidate.co/category/financial-crime) [Shane Riedel and Filipe Garcia: An interview with Elucidate's founders](https://elucidate.co/blog/shane-riedel-and-filipe-garcia-an-interview-with-elucidates-founders) The startup founders share their perspective on Elucidate's genesis, evolution and vision [Elucidate team](https://elucidate.co/blog/shane-riedel-and-filipe-garcia-an-interview-with-elucidates-founders) 3  min read [Regulators](https://elucidate.co/category/regulators) [Standardizing financial crime risk assessments: The new approach by the EU](https://elucidate.co/blog/standardizing-financial-crime-risk-assessments-the-new-approach-by-the-eu) How a proposal for a single, harmonised supervisory assessment methodology for banks in the EU can change everything. [Elucidate team](https://elucidate.co/blog/standardizing-financial-crime-risk-assessments-the-new-approach-by-the-eu) 5  min read [Regulators](https://elucidate.co/category/regulators) [The Enterprise Wide Risk Assessment (EWRA): From ticking the box to an effective Zero Line of Defence](https://elucidate.co/blog/the-enterprise-wide-risk-assessment-ewra-from-ticking-the-box-to-an-effective-zero-line-of-defence) Lithuania's Center of Excellence in Anti-Money Laundering invited our Head of Public Sector to address the topic of Enterprise Wide Risk Assessments. [Elucidate team](https://elucidate.co/blog/the-enterprise-wide-risk-assessment-ewra-from-ticking-the-box-to-an-effective-zero-line-of-defence) 4  min read [Banks](https://elucidate.co/category/banks) [Five barriers to banking innovation and how to overcome them](https://elucidate.co/blog/the-five-biggest-barriers-to-banking-innovation-and-how-to-overcome-them) Whilst innovation is challenging, it is also very much needed. What is preventing financial institutions from embracing innovation fully? [Elucidate team](https://elucidate.co/blog/the-five-biggest-barriers-to-banking-innovation-and-how-to-overcome-them) 5  min read [Financial Crime](https://elucidate.co/category/financial-crime) [Trust and transparency for a fairer financial ecosystem in the MENA region](https://elucidate.co/blog/trust-and-transparency-for-a-fairer-financial-ecosystem-in-the-mena-region) Last month, our CEO Shane Riedel moderated a panel discussion at the 2nd MENA RegTech Virtual Executive Boardroom Conference. [Elucidate team](https://elucidate.co/blog/trust-and-transparency-for-a-fairer-financial-ecosystem-in-the-mena-region) 7  min read [Financial Crime](https://elucidate.co/category/financial-crime) [Unlocking the Power of the Network: Rethinking the Financial Crime Risk Framework](https://elucidate.co/blog/unlocking-the-power-of-the-network) The current framework for managing AML risk is underperforming despite the investments being made in terms of raw compliance spend. [Elucidate team](https://elucidate.co/blog/unlocking-the-power-of-the-network) 6  min read [Governance](https://elucidate.co/category/governance) [We found over thirty new or expanded tasks the EU AMLA will be asked to take on](https://elucidate.co/blog/we-found-over-thirty-new-or-expanded-tasks-the-eu-amla-will-be-asked-to-take-on) The new AMLA is facing a growing list of expectations. How could the private sector help strengthen standards in the EU? [Elucidate team](https://elucidate.co/blog/we-found-over-thirty-new-or-expanded-tasks-the-eu-amla-will-be-asked-to-take-on) 2  min read [Network management](https://elucidate.co/category/network-management) [What are the risks and limitations of the correspondent banking system?](https://elucidate.co/blog/what-are-the-risks-and-limitations-of-the-correspondent-banking-system) In this article, we discuss the risks in correspondent banking and how to overcome these to benefit your bank and bolster correspondent relationships. [Elucidate team](https://elucidate.co/blog/what-are-the-risks-and-limitations-of-the-correspondent-banking-system) 8  min read [Financial Crime](https://elucidate.co/category/financial-crime) [What the Danske Bank scandal can teach us about financial crime risk management in correspondent banking](https://elucidate.co/blog/what-the-danske-bank-scandal-can-teach-us-about-financial-crime-risk-management-in-correspondent-banking) Danske Bank recently pleaded guilty to charges of money laundering. This scandal has significant implications for financial crime risk management. [Elucidate team](https://elucidate.co/blog/what-the-danske-bank-scandal-can-teach-us-about-financial-crime-risk-management-in-correspondent-banking) 6  min read [Banks](https://elucidate.co/category/banks) [What the sanctions on Russia mean for financial institutions](https://elucidate.co/blog/what-the-sanctions-on-russia-mean-for-financial-institutions) Announcing sanctions is one thing, ensuring that banks are putting them in place effectively is another challenge altogether. What can banks expect? [Elucidate team](https://elucidate.co/blog/what-the-sanctions-on-russia-mean-for-financial-institutions) 6  min read [Compliance](https://elucidate.co/category/compliance) [Why a de-risking strategy increases your institution's risk](https://elucidate.co/blog/why-de-risking-increases-risk) De-risking emerged as an unintended result of banks with limited alternatives to new regulations. Technology is the strongest ally to fix this. [Elucidate team](https://elucidate.co/blog/why-de-risking-increases-risk) 4  min read Browse by topic Categories ## [Banks](https://elucidate.co/category/banks) A collection of articles analysing case studies and other stories of specific banks or bank networks. ## [Compliance](https://elucidate.co/category/compliance) A collection of articles concerning compliance with applicable laws, regulations and rules, and preserving the integrity and reputation of institutions. ## [Financial Crime](https://elucidate.co/category/financial-crime) Money laundering, fraud, terrorism financing, etc. Financial Crime can take many faces and here is where we analyse all of them. ## [FinTech](https://elucidate.co/category/fintech) A collection of articles about how technology is impacting the finance and banking industry. ## [Governance](https://elucidate.co/category/governance) A collection of articles regarding governance in banking including how they are financed and regulated, externalities bank failures produce, the nature of their assets, etc. ## [ISO](https://elucidate.co/category/iso) ISO 20022 is a global standard for financial messaging that enhances payment security and efficiency by providing richer, more structured data and enabling comprehensive risk assessments. ## [Network management](https://elucidate.co/category/network-management) A collection of articles regarding network portfolio performance tracking and compliance in corresponding banking. ## [Regulators](https://elucidate.co/category/regulators) A collection of articles analysing the trends, impact, news, and updates on regulation and regulators across the banking industry. 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