Reykjavik, Iceland -- (SBWire) -- 10/11/2022 --The challenge in developing new and ever-more effective Anti-Money Laundering Software is being able to think like the criminals to see how they might game the system. There is no doubt that advanced technology, such as Artificial Intelligence (AI) can help to give organizations the edge when looking at how to do this. AI or machine learning tools can help to replace - or augment - more traditional rule-based systems that have in the past been easier to bypass. This can come with some resistance, as it's these systems that most bank regulatory and internal controllers are the most familiar with. However, adapting Anti Money Laundering Software to integrate everything that AI has to offer can be a real benefit in the fight against money laundering on a global level.
Data is the lifeblood of AI so, for many organizations, being able to benefit from AI will first involve reviewing and cleaning up existing data. Once this data is ready to be used, clean and free of issues, then the super-efficient work of AI in Anti Money Laundering Software can really begin. Anti-Money Laundering Software that integrates AI is some of the most popular today because it provides access to all of the benefits of this type of technology. However, it also requires human insight and expertise at this stage to be effective - and will continue to do so for some time to come.
This combination of AI and human intelligence is something that Lucinity recognizes as the optimum way forward for Anti Money Laundering Software. While humans tend to be skilled at creatively combining numbers as well as activities such as interpreting and contextualizing, an AI can add many other attributes to Anti Money Laundering Software, including crunching numbers and analyzing big data patterns. What the Lucinity platform does is integrate both of these to empower businesses to do more when it comes to reducing exposure to money laundering. Lucinity Anti Money Laundering Software contains all the key elements for compliance with anti-money laundering regulation and law - as well as creating high levels of protection for the business - including monitoring and tools to streamline the reporting process.
Established in 2018, Lucinity is a business focused on building Anti Money Laundering Software that is simple and easy to use. This lack of complexity makes it accessible to any organization looking to improve AML measures. Today, Lucinity has offices in a number of key global locations, including New York and London - and the firm continues to expand. The Anti Money Laundering Software, as well as the business, have been created on firm foundations of clear values and vision. These core values include a passion for simple-to-use products, shared intelligence and nurturing a quiet strength that allows Lucinity and its clients to be empowered in the fight against financial crime. All of this supports the business' focus on Making Money Good, a challenge that has also been undertaken by many other prominent names in the financial services and fintech communities.
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 Anti Money Laundering 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.
Anti-Money Laundering Software Can Benefit from Artificial Intelligence