Reykjavik, Iceland -- (SBWire) -- 02/10/2023 --Early in December last year, the Dutch Co-operative bank Rabobank announced that it was under investigation by the public prosecutors in the Netherlands as a result of failures in AML compliance. Rabobank is one of the three biggest banks in the Netherlands and its competitors have already been issued with huge fines for violations like this. ABN AMRO, for example, was fined £574 million in 2021 and ING Group $900 million in 2018. So, the fact that the bank is about to go through a similar process doesn't bode well for Rabobank.
A statement from the company, released in December, read "The Dutch Public Prosecution Service has informed Rabobank that it is considered a suspect in connection with violation of the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act." No further information has been provided yet but it's likely that issues around AML Monitoring and compliance will be involved in the investigation. This is especially so as it's not the first time that Rabobank has come under scrutiny and been found wanting. In 2021, Rabobank received a warning from the Dutch Central Bank relating to its due diligence practices and was facing a punitive enforcement procedure. It seems like there are still some serious issues to fix if the bank is to avoid further ongoing investigations and fines - although the outcome of the current investigation has yet to be determined.
AML Monitoring is a tough ask for many banks and companies today, especially as regulators continue to upgrade the requirements imposed on organisations. However, it's also incredibly necessary, as the impact of money laundering is globally destabilizing and leaves a negative mark on culture and society in every country where it exists. Unfortunately, today there are few societies that can escape this kind of financial crime, which is why it has become so vital for every enterprise - especially big institutions like Rabobank - to have effective AML Monitoring and compliance in place. Lucinity has been developed for exactly this reason - to support every type of organisation in improving the measures that are in place to defend against financial crime. Lucinity software is simple, straightforward and yet powerful. It has been designed with ease of use in mind and also to leverage the unique benefits of artificial intelligence, combined with all the elements of human intelligence that have such a positive influence.
Since Lucinity was established in 2018, the company has continued to grow on a global level. Today, there are offices in London, New York, Reykjavik and Brussels. The Lucinity platform is designed to help Make Money Good and the team is part of a global initiative driving towards this ideal of combating the influence of financial crime. Even though Lucinity continues to expand, the company doesn't waver from the core values that have led it to where it is today. These include a focus on shared intelligence and respect and empathy for one another.
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.
Rabobank Investigated by Dutch Anti Money Laundering Compliance Regulator