BERLIN, Germany, Sept. 19, 2019 --
In addition to having joined Plug and Play’s Fintech Europe programme, Elucidate is pleased to welcome Jeannette Lichner, former Chief Operating Officer (COO) of Bank of America for Europe, Middle-East, and Africa (EMEA), Jim Stubbs, former Deputy Head of Financial Crime for Citigroup and Mathew Bosrock, former member of the S&P Global Ratings Executive Committee, as members of its Advisory Board.
Founded in 2018 by Shane Riedel, former Goldman Sachs and Standard Chartered banker, and Filipe Garcia, former Chief Technology Officer (CTO) at CrossLend, Elucidate offers an entirely innovative approach for financial institutions to manage financial crime risks such as money laundering, terrorist financing, tax evasion, and corruption. Shane explained, “For 20 years the financial sector has sought to stop financial crime by doing more of the same. The scandals in Europe over the past year confirm, if there was any doubt, that now is the time for a change.”
Shane expressed his enthusiasm about the Advisory Board Members “We believe that bringing Jeannette, Jim, and Matt onto our Advisory Board solidifies our position as a challenger to the status quo and the standard bearer of a new approach to financial crime risk management”.
Jeannette Lichner has over 30 years of experience in financial services as a senior executive at firms including Morgan Stanley, Bank of America, and JPMorgan Chase. At Bank of America, she was as the Head of Compliance and Operational Risk for Europe Middle-East and Africa (EMEA) and Asia, prior to which she was the COO for EMEA. Jeannette subsequently joined FTI Consulting where she built and led the Governance, Risk and Regulatory practice and cross-platform Financial Services business. In addition, to her new position as the Chair of the Elucidate Advisory Board, Jeannette is a Trustee at the charity Local Trust and a Tutor at the Cambridge Institute of Sustainable Leadership.
Jim Stubbs is the President of ACRM Advisory LLC, supporting financial institutions seeking to enhance their financial crime compliance programme and promote responsible growth. Jim is the former Managing Director and Deputy Global Head of Anti-Money Laundering (AML) at Citigroup and the former Chief Compliance and Ethics Officer at American Express. He brings with him extensive experience leading global AML and regulatory compliance risk management strategies across the globe. Jim is a leading figure and a thought leader in the fight against financial crime, having spent his career safeguarding businesses and promoting ethics in the financial services industry.
Matthew Bosrock is the former Deputy CEO and COO of HSBC Canada and CEO of HSBC Greece. Matt has also held senior leadership roles for HSBC in the United States, Asia, Europe, and Africa. At S&P Global Ratings, Matt was a member of the Global Executive Committee responsible for businesses across growth markets. In addition to working with private equity firms as an operating partner, he has advised and led e-commerce, social media and FinTech startups, helping them to optimise and execute their expansion strategies.
Elucidate was selected to be part of Plug and Play’s industry-leading accelerator, the FinTech Europe programme.
The accelerator will give Elucidate the opportunity to work closely with leading institutions, including Deutsche Bank, BNP Paribas, UniCredit, Abanca, Danske Bank and DZ Bank, amongst others. Plug and Play’s programme works to nurture the growth of pilot projects, business proofs of concept, and development opportunities for selected startups and financial institutions.
Filipe highlighted the potential Elucidate’s participation in the FinTech Europe programme brings, stating: “I am excited to work together with Plug and Play and its global partners to amplify Elucidate’s profile and further change the way the market addresses financial crime risk.”
Elucidate’s vision is to rid the Earth of financial crime by offering the industry’s first FinCrime risk rating agency, working with hundreds of banks globally to quantify FinCrime and digitise risk management. Using a hybrid of machine learning and expert-driven modelling, the Elucidate FinCrime Index (EFI) scores FinCrime risk, swiftly, accurately, and effectively. The EFI everages data from various sources, evaluating it to deliver a risk management solution tailored to the user’s needs.
Plug and Play is an early stage investor and corporate innovation platform, headquartered in Silicon Valley. Plug and Play builds accelerator programs, corporate innovation services and maintains an in-house VC with the aim of advancing technological progress ever more quickly.