The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Time for banks to display financial crime risk ratings

How can sanctions work when banks spend billions on box-ticking compliance, but criminals still easily launder vast sums through the banking system?

Photo: iStock

Quiz question: how many regulated benchmarks are there in Europe for measuring financial crime risk? Hint: not many.

Under EU benchmarking regulation, the European Securities and Markets Authority (ESMA) registers all manner of providers of financial indices, mostly used for gauging the performance of investment funds.

ESMA is also the sole regulator of credit ratings agencies in the EU.

It regulates one company that provides a single index that defines standards for measuring financial crime risk. That is the Elucidate FinCrime Index (EFI), the signature product of Elucidate, a Berlin-based financial crime risk quantification agency founded in 2018.

The moment you engage in banking, there is some potential for financial crime risk
Max Heywood, Elucidate
Max Heywood_960.jpg

Elucidate has ambitions to be the equivalent for scoring banks’ exposure to financial crime risk of Moody’s, S&P and Fitch in credit ratings.

“The moment you engage in banking, there is some potential for financial crime risk,” Max Heywood, head of public sector at Elucidate, tells Euromoney. “We may wish it was binary, something that can simply be switched off.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree