Reykjavik, Iceland -- (SBWire) -- 10/21/2022 --Europol has taken a big step towards greater anti-money laundering control with the arrest of one of the biggest money laundering threats in the European region. The arrest was announced back in September when the subject was picked up in Malaga, Spain. It was an operation that involved the arrest in Spain as well as property searches that took place in Spain and also in the UK. Although the suspect has not been publicly named it's clear that they are a high value target and the move by Europol signals just how serious the authorities are in Europe when it comes to making anti-money laundering a priority. AML Software is going to have a big role to play in this, empowering organisations all over the UK and beyond to improve protection against the money laundering threat.
In this particular case, the suspect was arrested with a history of laundering significant sums. They are responsible for laundering more than £175 million, which shows just how much of an achievement the arrest really is for Europol. This is a problem for organisations across the UK and Europe and one that costs businesses, individuals - and society as a whole - as money laundering has such wide ramifications. It's vital for every enterprise to have access to effective AML Software to help support the authorities in this ongoing task. There is plenty of pressure in the UK to make these kinds of arrests too. It is estimated that around £90 million is being laundered in the UK every year. In order to be able to effectively protect themselves, firms must have robust AML Software in place as well as a range of other measures.
When it comes to ensuring access to AML Software, Lucinity has made its mission to help any organisation make change when it comes to minimising exposure to money laundering. That's why the Lucinity platform is created to be simple and easy to use, whether for a large firm with a global presence or a small business operating on a local or national scale. The platform provides a range of key tools that are vital for effective AML Software, including transaction monitoring, actor intelligence and comprehensive reporting functions. There are also features integrated that are designed to help make productivity improvements within a business and also to make it easier to avoid alert fatigue. One of the reasons why this AML Software is proving so successful, and so popular, is because it combines the best of human and artificial intelligence to create the optimum in anti-money laundering protection. This means it has the ability to crunch numbers, analyse big data patterns and assess probabilities that are typically found in artificial intelligence - and the planning and execution that humans bring to the table.
Ever since Lucinity was first established in 2018 it has been expanding, growing to a network of offices that today covers New York, Brussels, Reykjavik and London. The firm's culture underpins the entire approach to growth and is rooted in core values, such as information sharing and the pursuit of excellence.
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 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
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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.
AML Software Critical as Europol Make Money Laundering Arrest