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A new organization backed by the Massachusetts Institute of Technology wants to be the place to rate financial institutions for their financial-crime vulnerabilities.

Sigma Ratings Inc., which was founded in November 2016 and recently moved its offices to New York from Cambridge, Mass., announced its first rating Wednesday, scoring FIMBank PLC of Malta a 7.24 out of 10. The rating is based on a proprietary algorithm built out of a weighted assessment of a financial institution’s product, geography and client base, its internal controls and how well it complies with international anti-money-laundering standards set by organizations such as the Financial Action Task Force and the Wolfsberg Group….

By Samuel Rubenfeld

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