Reykjavik, Iceland -- (SBWire) -- 12/21/2022 --The market for AML Solutions is booming all over the world, as organisations seek to obtain more control over exposure to financial crime. Regulators continue to increase the standards for compliance, as well as penalties for a lack of attention to risk, and this has created an environment in which it has become essential to have AML Solutions in place. In 2021 the global market for AML Solutions was valued at USD$1485.61 and by 2029 this is expected to expand significantly, ultimately being valued at around USD$3059.95. The range of tools available to help businesses combat money laundering is increasing all the time, with monitoring and detection of fraudulent activities being delivered in a range of different ways.
There is no doubt that the North American market is a key player in AML Solutions, generating 46% of the revenue for this sector in 2020. This dominance is one of the reasons why Lucinity has an office in New York today. The significant number of banks in this part of the world can be identified as one of the driving factors for the increase in the size of the AML Solutions market in the region. However, North America is not the only place where innovative AML Solutions are proliferating - Europe is another key player. Key to note, in terms of the way that AML Solutions are evolving, is the increasing use of artificial intelligence and machine learning to make these tools more efficient.
Lucinity is at the forefront of developing AML Solutions that are designed for widespread use. The business recognises that, for AML Solutions to be really effective, they need to be as widely employed as possible. That's why the Lucinity platform is simple and straightforward - but highly effective - and offers a range of benefits, including improved productivity and reducing alert fatigue in compliance risk processes. It uses a wealth of artificial intelligence and machine learning to help produce the most effective possible platform. This is combined with the best attributes of human intelligence, including creatively combining numbers, interpreting, planning and execution and contextualising. This combination is Human AI, which essentially involves playing to the respective strengths of humans and machines. The intention of the Lucinity platform is to create simple-to-use systems that support enterprises, working with everything that humans have to offer, rather than creating more obstacles.
The mission at Lucinity is to Make Money Good and the team is committed to helping achieve this through making AML Solutions more accessible. Since the business was established in 2018, it has grown globally and now has a presence in a number of international locations, including London, New York, Brussels and Reykjavik. Every advance in AI systems is underpinned by the rock-solid set of core values that the company is committed to. These include understanding, empathy and respect for clients and the rest of the team, shared intelligence and using the best elements of technology to augment what humans have to offer when it comes to developing the latest AML Solutions.
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 AML Solutions 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.
Global Anti Money Laundering Software Market Booming