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.

New rating agency ranks EM banks by financial crime risk

Barclays backs MIT start-up Sigma Ratings; CEO promises universal emerging-markets coverage.

A former US Treasury official and a corporate lawyer are launching a rating agency that will rank banks in emerging markets based on their corporate governance and exposure to financial crime.

Sigma Ratings, which is due to go live later this year, will use artificial intelligence (AI) to produce country and entity level ratings from publicly available data, as well as more detailed ratings for institutions that provide internal information on their controls, procedures and systems.


Stuart Jones Jr,

Stuart Jones Jr, Sigma’s chief executive, helped set up the National Counterterrorism Centre in Virginia before serving as a Treasury financial attaché in Afghanistan and the Middle East. The inspiration for the project, however, came from his five years at EY advising emerging market banks on how to defend their organizations against threats such as money laundering and cybercrime.

“The institutions we worked with wanted to do the right thing,” he says. “They would bring in external consultants and invest in putting in place the right procedures, but from the perspective of London or New York they would be painted with the same brush as everyone else in their country.

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?