Reykjavik, Iceland -- (SBWire) -- 10/11/2022 --Collaboration between the US and the UK brings together two of the most innovation-rich technology cultures in the world when it comes to AML Compliance Software. With this in mind, a new 'prize challenge' programme was announced over the summer that is designed to drive innovation to find new ways to combat financial crime. The motivation for the collaboration comes from the issues that both countries have when it comes to putting effective anti-money laundering measures in place. The hope is that solutions will be found that will enable machine learning models to be focused on data that is drawn from many different sources without that data ever leaving a safe environment (this is called federated learning).
The result of the UK and US collaboration could be to create new technology and AML Compliance Software that is as sophisticated as many of the tools employed by criminals to bypass existing systems. Structuring the collaboration as a prize challenge is designed to motivate entrants to find the most appropriate and innovative solution that could go on to be a building block for protecting financial systems from elicit finance. AML Compliance Software is already relied on by governments and organizations all over the world but there is still a lot more that can be achieved with this technology. The US-UK collaboration and the sharing of ideas and information could give rise to the most innovative and effective AML Compliance Software yet.
The ongoing mission to keep evolving AML Compliance Software is a priority at Lucinity too. The firm has been focused on innovating accessible and simple-to-use AML Compliance Software since it was first established in 2018. The key is software that is very easy to use and systems that are highly effective when it comes to reducing the exposure that an organization has to financial crime. There is no doubt a long way to go when it comes to anti money laundering solutions and technology is going to have a key role to play in that. Sophisticated - but simple - platforms like Lucinity's AML Compliance Software give organizations options in terms of the way that they tackle compliance issues, including a range of vital features, such as transaction monitoring and SAR management. Whether it's governments or enterprise, Lucinity's AML Compliance Software offers options for effective protection.
Today, Lucinity AML Compliance Software is employed on a global level, which is why the business has offices in London, New York, Brussels and Reykjavik. Its reach expands year-on-year thanks to the effectiveness of the software and the consistency of the business, which is built on clear core values. Those values demonstrate how much the team at Lucinity value technology - but also human intelligence and contribution to AML Compliance Software. They include continuous learning and shared intelligence, as well as the pursuit of excellence and human empathy and respect. A powerful combination that fuels the team's commitment to Making Money Good and use technology to innovate to help minimize global exposure to money laundering risk.
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 AML Compliance 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
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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.
US and UK Collaborate to Innovate AML Compliance Software