Reykjavik, Iceland -- (SBWIRE) -- 10/11/2022 -- Despite the fact that combating financial crime has been a priority for decades, it's estimated that less than 1% of the global flow of illicit cash is captured and stopped. However, that's a figure that it is hoped will rise significantly thanks to tech such as AML Compliance Software. When it comes to financial regulation and the costs of compliance, for most banks and financial institutions, anti-money laundering measures are by far the biggest expense. In response to this we have begun to see more RegTech firms offering a greater range of data-driven solutions to compliance issues. There has also been significant reform of the legislation that governs AML compliance, in particular the Anti-Money Laundering Act of 2020. It's these developments that are providing the hope that the 1% figure can be substantially increased.
The digitization and evolution of technology that have led us to innovation such as crypto and the greater use of online systems throughout financial services are also providing a new way forward when it comes to compliance for businesses that are operating under anti-money laundering regulation. AML Compliance Software in particular heralds a high-tech future for US banks and one that could be a lot simpler to navigate with the right technology in place. RegTech is what is already driving positive developments in AML compliance and, while there are some large organizations in this industry, much of it is made up of startups and smaller, innovative enterprises. RegTech firms are helping banks to comply with some of the biggest areas of anti-money laundering regulation, from Know Your Customer checks to monitoring and Suspicious Activity Reports.
Lucinity is one of those start-ups that has made a significant contribution to this challenge. The firm's AML Compliance Software contains all the key elements required by banks and institutions to simplify anti-money laundering checks and help to ensure compliance. It is designed to help supercharge financial crime teams in any organization, not only helping to improve productivity but also to minimize alert fatigue with respect to compliance risk monitoring processes. When it comes to putting robust measures in place to ensure anti-money laundering compliance, technology is one of the most effective tools available. Making this technology accessible to all has been a key commitment for Lucinity - in order for AML Compliance Software and anti-money laundering measures to be truly effective everyone needs to have access to it, and be able to use it.
The Lucinity mission is to Make Money Good and technology is at the heart of this. Combining the best of human and artificial intelligence has given the business a real edge with AML Compliance Software that really works. Since it was established in 2018, Lucinity has expanded so that today it has a network that extends globally to locations including Brussels and Reykjavik, London and New York. An innovative culture and strong core values - as well as a commitment to producing genuinely useful AML Compliance Software has provided the momentum that continues to drive Lucinity on.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.
By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on https://www.lucinity.com/signup.
Lucinity operates globally, with headquarters in Reykjavík, and serves customers ranging from Tier-1 banks to FinTechs.
Company Quote
Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.
Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.
We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."
To find out more information about AML Compliance Software visit https://www.lucinity.com
Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit https://www.lucinity.com/events
For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.
For all other enquiries please contact Lucinity at https://www.lucinity.com/contact
For more information about Lucinity services, please go to https://www.lucinity.com.
Lucinity is an AML software company, founded in 2018, with offices in Reykjavík, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.