Canada, Canada -- (SBWIRE) -- 07/28/2022 -- The Cullen Commission report - the final report of the Commission of Inquiry into Money Laundering in British Columbia - has been released and promptly welcomed by the Canadian government. Canada's federal government released a statement saying that it takes the issues of money laundering and financial terrorist financing very seriously and will continue to review Canada's Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime in the light of the Cullen Commission report. The government also responded to many of the recommendations in the report, including with respect to strengthening the existing regime. More than $48.8 million has been invested in the federal regime since 2019, including with respect to information sharing and data resources. AML software is highly likely to play a key role in creating a more robust structure going forward. The additional review to be undertaken by the government in response to the report from the Cullen Commission will look for places where the current regime, and previous investments, fall short. In particular, this will investigate how the authorities detect, deter, and investigate financial crimes. A new legislative review has also been announced, which will focus on the digitisation of money, including cryptocurrencies and stablecoins.
It's not just governments that face knowledge and structure gaps when it comes to anti-money laundering - many businesses do too. That's the reason for Lucinity's AML software, which is designed to make it easy for any organization - even those without federal resources behind them - to make positive changes where anti-money laundering measures are concerned. The AML software brings together the very best human intelligence with sophisticated AI to create something accessible and unique. The benefits of working with AML software like this are many - it helps to mitigate the risks for any business of coming into contact with the profits of financial crime and also provides options to improve productivity too. Money laundering is a crime that fuels other crimes but it doesn't have to feel overwhelming to fight back thanks to AML software from Lucinity.
Lucinity was established in 2018 and has built a culture around values of respect and empathy, intelligence sharing and a commitment to developing solutions that really make a difference. Today, the business is global with offices around the world in locations such as Reykjavík, New York, London, and Brussels. Being able to offer accessible AML solutions to everyone in the fight against financial crime is what the firm is all about.
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 Software visit https://www.lucinity.com
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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.