Reykjavik, Iceland -- (SBWire) -- 02/09/2023 --Every organisation needs AML Solutions in place today - and where there are failings, the UK regulator will often hold a CEO accountable. The recent case of the Sonali Bank CEO is a prime example of this. Mohammad Ataur Rahman Prodhan was the former CEO of Sonali Bank and he has been found by the FCA to be responsible for multiple failings at the institution. In particular, during the period of 7 June 2012 to 4 March 2014, the CEO failed to take steps to mitigate AML risks at the bank that came from an embedded culture of non-compliance. Other failings were also listed, including not making sure that there was a clear chain of responsibility to oversee the UK branches of the bank and not ensuring that the Money Laundering Reporting Officer Function was effective at the bank.
In May 2018, Mr Prodhan received a financial penalty from the FCA, amounting to £76,000. The CEO now lives in Bangladesh and this has significantly impeded attempts to pursue resolution of the case and get the financial penalty paid. The case was also affected by the pandemic. The FCA has now taken the view that, particularly because Mr Prodhan now lives overseas, enforcing the penalty would not be sensible or cost effective. As a result, agreement has now been reached that Mr Prodhan should accept a public censure instead.
There are a range of AML Solutions available that provide options for every type of business today. The Lucinity platform is one that is proving particularly popular as more and more enterprises discover how simple it can be to put robust processes in place to ensure compliance with the requirements of anti-money laundering legislation. Lucinity provides all key tools that are required from a comprehensive AML Solution, including extensive transaction monitoring and actor intelligence that delivers a holistic view of customers based on comprehensive data analysis. The platform also features a SAR Manager to help streamline the reporting process. Not only is Lucinity a comprehensive way to deliver AML Solutions for any business but it has also been designed to offer productivity improvements too. Plus, it can help to reduce alert fatigue in compliance risk monitoring processes. One of the reasons the software is so successful is that it combines the best elements of both human and artificial intelligence. This is what enables Lucinity to be so effective and to be such a crucial tool for organisations that want to do better where money laundering prevention is concerned.
Lucinity was established in 2018 and the business continues to expand, as demand increases for AML Solutions that really work. Today, the network of offices extends to London, New York, Brussels and Reykjavik. The team has worked hard to deliver its mission to Make Money Good, in line with core principles underpinning the enterprise. Those core principles include shared intelligence, respect and empathy and the pursuit of excellence with integrity and humility.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to turn legacy AML compliance into faster, smarter augmented intelligence tool. 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 including Tier-1 banks, FinTechs, startups, scaleups and Enterprise businesses.
Company Quote
Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity means "shine a light," because we illuminate dark finance and shed light on compliance. Our intuitive systems are simple to use, complementing the skills and ingenuity of compliance professionals.
Lucinity makes them superheroes to take on financial crime, saving institutions time and money. By transforming AML compliance, we can have a tremendous positive impact on society. That is why we set out to Make Money Good and create faster, smarter AML."
Start to Make Money Good
To book a Demo of the Lucinity AML Compliance Software visit https://www.lucinity.com/book-a-demo
To find out more information Anti money laundering monitoring 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.
FCA Issues Final Notice to Former Sonali Bank CEO