Reykjavik, Iceland -- (SBWIRE) -- 12/21/2022 -- The Danish regulator, Spillemyndigheden, reported the mobile betting business Tipwin to the police earlier this year - and issued two injunctions back in June. According to the regulator, Tipwin had breached two sections of the Danish Money Laundering Act and was being penalised for failures in anti-money laundering compliance at its retail betting shops. The two sections of the legislation that the business had fallen foul of were Section 7, which deals with risk assessments, and Section 8 which is focused on the policies and practices in place for staff to help spot the signs of money laundering. Now, however, the second of these injunctions - relating to Section 8 - has been cancelled by the regulator because the staff who should have been responsible for processes and policies were outsourced.
Spillemyndigheden has made it very clear in recent years that there is a renewed focus on preventing money laundering in Denmark and that failings are unlikely to be tolerated. It issued a strongly worded statement earlier this year reminding companies of the obligation to comply with regulations that prohibit financial interactions with certain countries, individuals, groups, legal bodies or entities. Tipwin is not the first in the gambling industry to face injunctions from the regulator, as Casino Copenhagen, Casumo and Bet365 have all been penalised. The Section 8 injunction against Tipwin was cancelled after "careful consideration" at the regulator but the grounds for Section 7 still apply and the company will need to comply.
Many of the issues that seem to affect companies when it comes to penalties like this stem from poor anti-money laundering infrastructure - and can often be solved by robust AML Compliance Software. Lucinity has designed a platform of AML Compliance software that is very simple to use and offers a straightforward, and effective, solution for any enterprise to improve compliance performance and to avoid the kinds of measures taken against Tipwin. The super smart software incorporates the best of human intelligence alongside key elements of artificial intelligence to create an optimised system that makes it easy to deliver compliance results. It also integrates all the key features that make AML Compliance Software effective, including transaction monitoring, extensive actor intelligence and the Lucinity SAR Manager. The software is designed to be an incredibly effective tool that helps to deliver more options for better compliance, as well as ways to improve productivity and help avoid problems such as alert fatigue in compliance risk monitoring processes.
Established in 2018, Lucinity has grown significantly in the intervening years thanks to the increasing demand for effective AML Compliance Software and the premium nature of the Lucinity product. Today, the business has offices in Reykjavik, London, Brussels and New York and continues to expand its network every day. Its advanced AI systems are underpinned by authentic human core values that help to ensure the business remains effective and unique. These include shared intelligence and developing products that work with humans, not against them.
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 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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- 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.