Reykjavik, Iceland -- (SBWire) -- 09/30/2022 --The growing crypto network offers many advantages for those involved in it - and evidence is increasingly coming to light that this is being abused, putting crypto firms at risk in the process. An alert has been issued by the Joint Money Laundering Taskforce (JMLT), the UK's collaboration between the financial sector and law enforcement agencies, highlighting how some people who are looking to evade sanctions are using crypto firms to do it. Being involved in this is likely to leave crypto firms heavily exposed to money laundering and the problematic consequences that can result from that.
The recent alert from the JMLT comes in the wake of arrests made by the UK's National Crime Agency focusing on people who are currently trying to evade sanctions, such as those in place against Russia over the invasion of Ukraine. These people are using crypto services as a way to move significant sums and to ensure the protection of their personal or commercial assets that would otherwise be affected by legal sanctions. The situation is one that regulators are now seeking to crack down on - and that could be disastrous for the crypto firms involved in sanction evasion. As well as reputational damage there are also penalties and fines to consider plus the threat of large amounts of time that could be lost to far-reaching investigations.
The threats for crypto firms are very real when it comes to sanction evasion - it's not something that any firm wants to be involved in because of the negative impact this can have on the bottom line. Lucinity's anti money laundering software is designed to help organisations of any size put better defences in place when it comes to avoiding a money laundering association. Lucinity believes that every business should have access to effective and easy to use measures to protect against this exposure - the anti-money laundering software created by Lucinity will be a great place to start for many enterprises. The design of the Lucinity platform means that it integrates artificial intelligence and human intelligence, optimising the best of both so that the system works with the user and not against. This has demystified anti money laundering software for many businesses and enabled higher levels of protection to be put in place.
Established in 2018, Lucinity is now a global concern in anti-money laundering software terms and has begun creating an international network of offices, starting with New York, Brussels, London and Reykjavik. The ultimate objective is to give every business anywhere on earth access to smart and intuitively designed anti money laundering software that includes all the key features, from transaction monitoring to sophisticated actor intelligence. It's only when everyone has access to the same resources that money laundering - and all the other crimes it supports - can really become a thing of the past. This feeds into the goal at Lucinity to Make Money Good and divert energy and resources away from the wrong places.
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
Ends
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
Notes to Editors:
- 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 Top of the Agenda in Combating Sanction Evasion