Reykjavik, Iceland -- (SBWire) -- 08/12/2022 --Transaction Monitoring is increasingly being recommended to organizations as a tool to help avoid both financial and reputational damage as a result of money laundering. The basis of Transaction Monitoring is a system that enables the detection of - and response to - abnormal activity and behavior in online transactions. According to the UK government, the use of Transaction Monitoring adds a layer of trust to a system, not only for banks and financial institutions but any online business. It is recommended that any online service where there is an exchange of something of value have some degree of Transaction Monitoring in place. As a result, more and more online services now use Transaction Monitoring to help minimize the potential impact of malicious transactions. This could be anything, from small or large financial loss through to compromised data and damage to a business's reputation.
Transaction Monitoring is integrated into the Lucinity platform to provide options for any organization to make it easier to protect themselves where services are being provided online. The government has outlined how there are many factors that tend to be involved in how much of a target a business is likely to be - from the volume and frequency of online transactions to the nature of those transactions and the kind of impact that malicious transactions could have. A vast range of different actions can be carried out today in order to compromise transactions and it's vital for enterprises to have protection in place. Transaction Monitoring is critical for detecting suspicious activity and abnormal behaviors.
Lucinity has created a comprehensive anti-money laundering platform that includes Transaction Monitoring, as well as extensive data analysis on actor intelligence and a SAR (Suspicious Activity Report) manager to streamline the reporting process. The Transaction Monitoring part of what Lucinity offers is powered by artificial intelligence to enable better detection and faster review. The software is key to helping Lucinity achieve its mission to Make Money Good™ and to simplify the process of putting anti-money laundering measures in place for any business. Money laundering is a crime that fuels crime - and it's one that is always evolving. That's why Lucinity is dedicated to continuously improving the platform, including Transaction Monitoring, to ensure a cutting-edge response.
Since the business was first established in 2018, Lucinity has grown into a high profile platform for anti-money laundering with a presence in multiple locations, such as Reykjavík, New York, London and Brussels. The team's approach has also been focused on making collaboration much simpler within teams and between business partners so that combating financial crimes becomes second nature.
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 Transaction Monitoring visit https://www.lucinity.com
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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.
About Lucinity
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.
Online Services Using Transaction Monitoring