Reykjavik, Iceland -- (SBWIRE) -- 10/21/2022 -- The most recent report into Anti-Money Laundering Solutions has revealed that the annual cost of compliance is continuing to increase. In fact, the research by LexisNexis shows a more than 13% rise in the expense of compliance for financial institutions across the United States and Canada. The research is done by polling professionals to identify what is changing in the world of financial crime. The rise in spending is a trend that is noticeable across banks and FinTechs who are spending more today on Anti-Money Laundering Solutions than before the pandemic. The total cost for banks and FinTechs in this part of the world is approximately $56.7 billion.
The costs of implementing Anti-Money Laundering Solutions tends to be more for bigger firms, with the cost among large US firms 121% higher than it was before the pandemic. For large Canadian firms the figures are more than 70% higher than pre-pandemic levels. There are many different reasons for this increase in cost, including the rising tide of regulation that has been implemented in jurisdictions such as the US and Canada. Spending is taking place across a number of different areas, including when it comes to tighter measures around personal identification and being able to make better use of data. Those financial institutions that have invested in a third-party portal or compliance solution tended, according to the research, to have a lower cost of compliance, as well as being more successful in terms of identifying ultimate beneficial owners and potential criminal connections.
Given the emphasis on the need for tighter measures around personal identification and better use of data, it's no surprise that the Lucinity platform is growing in popularity among firms keen to do more - and spend less on Anti-Money Laundering Solutions. The software has been intentionally designed to be easy to use when it comes to transaction monitoring, customer intelligence and reporting - but also incredibly effective. It provides options for businesses of any size looking to reduce exposure to money laundering without generating vast additional spend. It's this kind of comprehensive protection that could help to level out the costs of tackling Anti-Money Laundering Solutions going forward and give the global financial industry more of a chance to minimize the risk of exposure to financial crime. The technology utilizes the key aspects of human intelligence, combined with some of the best functions of artificial intelligence to produce a platform that really works.
Lucinity was founded in 2018 and has been growing since, as the appetite for effective Anti-Money Laundering Solutions, especially simple to use software, significantly increases. Today, the firm has offices in London and Brussels, as well as New York and Reykjavik. Core values have been vital to the growth of the business and the development of an authentic culture that supports everything Lucinity is trying to do. Those core values include continuous learning and shared intelligence. It's this combination of commitment and expertise that the team hopes to use to Make Money Good, innovating with technology to help minimise 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 Anti-Money Laundering 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.